No mongols.
Fast forward 650 years or so, and we could see a Industrial revolution form outside Europe since Europe never left the whole feudal systems while with random events and descendants of people not murdered by the mongols existing elsewhere lead to the conditions for a industrial economy emerges and the next thing you know it's a rather different China discovering America and genociding the Incas and Aztecs instead.
What sucks of Industrialization, unlike agricultural revolutions is that there's only British Industrialization to go off of since once they industrialized it wasn't too long before they owned a third of the world. So it's hard to say if it was possible elsewhere or not. The part of China northeast of Korea to my knowledge has similarly close iron/coal deposits, though I don't think Korea has the kind of engineering to industrialize since in the East man power generally worked well.
That being said, it is obvious form our world that whoever industrializes is going to really dominate, regardless of their culture. People would be speaking Arabic in Europe as the common language before 1900 instead of after 2100 like in TTL if Mughals industrialized for instance.
Perhaps a Eastern European industrialization? Without the Autocracies the area we now call Russia had from Mongols, perhaps their cultural development goes so different that they end up with Industrializing leading to a world where Eastern Orthodox religion dominates far more and much more people speak Cyrillic. There was a culture up there that could evolve into a capitalist society as well:
http://en.wikipedia.org/wiki/Novgorod_Republic
Though I am unsure if those areas have the resources.