The Chinese would be vastly overplaying their hand. How are they going to get the oil they need across the Indian Ocean and back home?
Iran isn't a client state of China in the way Pakistan is. They mainly back Iran as a way of poking us and placing themselves as a power broker.
Theoretically, they Chinese could march to Iran via Pakistan, or base fighters there, but I just don't see that happening.
IMHO the forced annexation of Taiwan is just a matter of time. The West has done to Taiwan what was done to Czechoslovakia at Munich, but on a much slower time-line.
Far easier to go by sea. Except for the fact that they have to pass by India, which is unfriendly to China, sitting right there athwart China's supply lines. The Chinese aren't ready to challenge the Indian Navy in the Indian Ocean, much less the U.S. Navy.
Their new FFGs and DDGs are strong, modern vessels and would be a match for the Indians if they Indians chose to try and contest their transit of the open seas.
They now also have three modern, large LPDs, very similar in look, size and function to our new San Antonio class which they could utilize as well if necessary.
However, as soon as a US Navy CSG or SAG came into play, they would be completely outclassed...particularly if our own groups were accompanied by SSNs. The Chinese SSNs are 1) few in number, 2) better than they used to be, and 3)Not nearly up to par against a Viriginia, Sea Wolf, or even the improved LA Class.