It has often been argued that Confucian China was not inclined to overseas trade and colonization, but I think they could well change their mind had the Ming voyages continued.
The Ming had an unique aristocratic inheritance system. Not only was it non-primogeniture, but younger sons of aristocrats maintained their titles in addition to land. Over time the number of aristocrats snowballed, the government ran out of land to distribute to them and started confiscating private property to keep the institution going.
It wouldn't be long before the Ming rulers realized the enormous money making potential of the Spice Islands. What started out as peaceful diplomatic voyages would inevitably lead to trade and then colonization. A group of Ming aristocrats could essentially take over the role of the Dutch before the Dutch even got there, selling pepper and nutmeg to the Arabs and eventually Europeans when they round the Cape.
Over time, and perhaps in search of sea cucumber and sandalwood, this trade empire could expand to Australia as well.
This Ming empire would be far wealthier, more maritime oriented, and more aware of the Islamic and European world. But when they eventually collapse it's going to leave rather large successor states in SE Asia and Australia.