China will not invade Taiwan as long as America continues to act as Taiwan’s defender of last resort.
However, there is no indication that America is willing to go to such lengths as this and get American soldiers killed to protect Taiwan from China.
We are currently witnessing a strategic war in which the issue concerning Taiwan is the control of TSMC. America is not self-sufficient in semiconductors, so it cannot let China take Taiwan. It would be too big a risk.
Everything will be done in the coming years to make America self-sufficient and not so dependent on TSMC in the crucial area of semiconductors.
When that happens, Taiwan will no longer be a priority for America. China understands this, so it could wait patiently until America no longer has an interest in protecting Taiwan to take control of it, as it has done in the past with Hong Kong without any reaction from the West other than indignation.
And Xi Jinping does not care about that. Time is therefore on China’s side in this area.