This is the last intermission before the actual war begins.
Century of Fire Intermission 2f: Relative Strengths
Overall, the League is somewhat better prepared for war than the Alliance, but the Alliance has a significantly stronger industrial base (though the disparity is not nearly as pronounced as the Ally/Axis disparity in OTU). The CFN and the Warlords are, if that is possible, even more prepared than the League, but they are operating from a much smaller industrial base.
The League has deployed about half again as many troops against the CFN than the CFN can boost, with better training and a higher quality and quantity of armor, as well as more and (mostly) better aircraft. The Russian army and air force are about on par with most CFN, but the Germans are significantly superior; most infantry in the Russian theatre is Imperial Russian, most of the armor is German, and both countries deploy about equal numbers of aircraft here (much of the German air force is in the West).
Japanese forces (and their Chinese auxiliaries) in China are numerically inferior to the Warlords´ troops, but they have far better training, somewhat better equipment, and an air force that completely outclasses that of their opponents; furthermore, the warlords are very reluctant to send their troops to each others´ assistance or let others´ troops enter their own territory - cooperation does not come easily to them.
Alliance land forces are a match qualitatively for the Germans; their problem is that the West is too strongly fortified (and a pretty narrow and easily defended front line) to make a good avenue of attack into Germany. Alliance air forces (except for the US) are technologically somewhat inferior to the Germans´, but their equal in training and tactics, and (with so many air units in the Russian theatre) more numerous. Overall, the West looks like a stalemate, which is fine by the German high command.
Naval strengths are as follows:
US: 21 BB (5 new, 16 old)), 6 BC (all new-ish), 7 CV (all new-ish, 75-90 AC each), ca. 45 cruisers, ca. 140 destroyers, ca. 50 submarines
UK: 18 BB (6 new, 12 old), 7 BC (3 new, 4 old), 11 CV/CVL (4 new, 50-70 AC each, 7 old, 25-45 AC each), ca. 40 cruisers, ca. 160 destroyers, ca. 30 submarines
France: 9 BB (5 new, 4 old), 4 BC (all new), 2 CV (both new, 54 AC each), ca. 20 cruisers, ca. 70 destroyers, ca. 30 submarines
CFN (all combined): 1 BB (old), 2 cruisers, 23 destroyers, ca. 30 submarines
Chinese warlords (all combined): 1 cruiser, 9 destroyers, 6 submarines
South-East Asian nations (Phillipines, Vietnam, Burma, Malaya all combined): 2 BB (pre-dreadnaught), 2 CVL (both old, 20/12 AC), 3 cruisers, ca. 40 destroyers
These ships are almost all either relics from pre-Civil-War days, or obsolescent (sometimes obsolete) surplus ships transferred from US, British or French navies - the CVLs for example are the ex-HMS Hermes and USS Langley.
Germany: 6 BB (2 new, 4 old), 5 BC (2 new, 3 old), 3 CV (all new, 52 AC each), 16 cruisers, ca. 40 destroyers, ca. 220 submarines
Russia: 3 BB (all old, sister ships to the CFN BB), 1 BC (new), 6 cruisers, ca. 30 destroyers, ca. 40 submarines
Japan: 12 BB (6 new, 6 old), 8 BC (4 new, 4 old), 7 CV (all new, 63-72 AC each), 8 CVL/CVE (3 new, 30 AC each, 5 old, 27-48 AC each), ca. 40 cruisers, ca. 90 destroyers, ca. 80 submarines
China: 1 BB (pre-dreadnaught), 3 cruisers, 12 destroyers
These numbers are higher than OTU, but without WW1, and without a crash of 1929, I think economies would be strong enough to manage this higher force level.
For BB´s, "new" refers to something like the OTU North Carolina, King George V or Bismarck, "old" (unless explicitly stated to be pre-dreadnaught) to earlier classes equivalent to WW1-era dreadnaughts and superdreadnaughts. Old BC´s are similar in capabilities to Repulse/Reknown or the Kongo class, while newer ones are closer to the Scharnhorst or cancelled/converted classes like Lexington or Amagi.
Old CV´s are the relatively small, slow first generation of carriers, like Hermes, Langley or Hosho, while newer ones are classes like the Yorktown, Ark Royal or Soryu (note that there were no BC-to-CV conversions like the Akagi or Lexington in this timeline, other than turning "Fisher´s Follies" into something marginally useful).