You could have something like a Communist North China (in Manchuria) with the rest of China (including Taiwan) under a Nationalist government. That would be interesting.
There was an essay in the book "What If?" that theorized precisely that outcome. They argued that a complete defeat of the Communists was impossible, but a division into two Chinas - a North China in Manchuria and a much larger South China in the rest - was feasible.
Yeah, I've read that book, It was pretty good. They also say that the Nationalist Chinese (South China), woulde eventually absorb Manchuria much like the reunification of Germany, and that the Chinese would have joined in the global growth like Germany and Japan.
