The CCP has never been in a real war.
They keep hacking off too many nations, and they have no real allies. Goodness knows what army or navy they plan on using that wont be bogged-down if they actually do anything other than threaten every nation around them.
I suppose the locals could go Total Jihad on them and turn it into a Soviet-Afghan sort of thing.
You nailed it, no allies except for maybe North Korea. Every nation is just about done with china.
Land for debt may be their long term strategy. But they should beware of imperial overreach.