The Chinese have much to gain, and very little (to our way of thinking) to lose by normalising relations with Taiwan.
The Taiwanese have little to lose initially, given they stand to make a lot of cash by selling goods to China.
You'll have to forgive my cynicism, but to lose face in most Asian nations is the worst thing that can happen. For China to recognise Taiwan would involve a monumental backflip on the preceding 60 years. I can't see them doing that.
Like sky says, any conflict there is likely to be based around the resources in the South China Sea, however I would expect it to spread to Taiwan's airfields and other military facilities fairly quickly.
I simply can't imagine a world in which China agreed to recognise Taiwan.
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