It's a bit hard to imagine the domestic opinion in China supporting a hot war with Taiwan. Unless the Taiwanese leadership decides to commit suicide by a cop and declares full independence, I suspect the Chinese public would be very uncomfortable with civilian deaths in Taiwan.

Nationalistic fervor is strong, but the mainland Chinese consider the Taiwanese to be Chinese as well. So bombing Taiwanese targets would feel not very different from bombing Hunan or Sichuan province.

A blockade, on the other hand, would be far more acceptable domestically. And I fear that means a greater likelihood of the US involvement: the US public (and therefore the administration) may not have the stomach to defend Taiwan from an invasion, but they might feel they cannot stand by when American cargo ships are prevented from moving freely in the international waters.

On a side note, it's hard to believe that in the 21 century, when people are on the verge of manned flights to Mars, we still have a truckload of terrorial disputes all over the world (Taiwan and the rest of the mess in the South China Sea, the Northern Territories of Japan, Senkaku islands, the Chinese / Indian border, the Middle East, Crimea, etc.).