I agree with this. ^^
Part of what made "pulling a Meiji" work in Japan that, I think, is too often overlooked was the "having a respected figurehead" bit. The Meiji "Restoration" was, of course, a radical overthrow of most of the government system. The oligarchs could crush the power of the samurai class (eventually), and buy off the old feudal lords. But it was more difficult to win the support of the people at large to such a program of radical change. The Emperor was therefore very useful, to provide a veneer of not just legitimacy, but also tradition, to what the genrou did.
After all, if anybody felt nervous about the adoption of Western dress by government ministers, or the establishment of a Diet, they could at least take comfort in the idea that it was all part of "a search for knowledge throughout the world would follow in order to strengthen the foundation of imperial rule." (or however that goes...)
A monarchy could be useful in (Qing Empire) China for the same reason. Get the reigning monarch to abdicate after the Boxer Rebellion. They are replaced with a "clean slate" monarch, about whom not much is known. Everything bad that went before could be blamed on the Empress Dowager, and not on the institution of the monarchy per se. Public discomfort at reforms and modernization is muted somewhat. Any politician or general who tries to seize local power or resists the reforms can be tarred with the brush of anti-monarchism/disloyalty (and possibly themselves painted as anti-tradition). Everybody's happy.
All you need is:
1.) A suitable (read: malleable) new monarch
2.) A group of Chinese politicians who are both willing and able to become the power behind the throne, and keep it
3.) For those same politicians to be able enough to guide China through the needed reforms, while at the same time being astute enough to use the monarch for good PR
4.) For all this to fall into place right after the Boxers are crushed. Any earlier, and you might not get your chance. Any later, and the public disgust with the current monarch allows republicanism too strong a foothold amongst the intelligentsia.
My two cents, anyway.