My PhD is in 1940's-1950's military studies, so I claim no expertise beyond that. However, I believe that our military lays claim to the most advanced missle systems available, and the communists--under the sea or above it--are targets waiting to happen.
I have taught war at sea for the past ten years. We have some very good weapons. But so do the bad guys. In anti-ship missiles, the Russians are second to no one. Our greatest strength lies in our professionalism and tip of the spear initiative.
A naval and air action for Taiwan would be very large in scale. On paper, we should win that fight, but wars aren't fought on paper. The Chinese certainly know that a prolonged action isn't in their interest, so I would look for them to try forcing a very fast decision.
Actually, the Communists...and I include the Russian Navy Brass in this, as they appear to be unreconstructed types...do have some tricks up their sleeves we don't have:
The Skval (underwater missile),
the Yakhont (300 km mach 2-3 sea-skimming cruise missile with evasion technique),
and pivotally of course in Air-to-Air: the AMRAAM...even the latest variants... is already out-peformed by the AA-10 and AA-11. At least that is the nominal verdict of the Indian air exercises.