Yes, preferably with PRC banished to Taiwan
You can find such a scenario in Robert Cowley's "What if?".
The PoD is 1946 and the US do not force the nationalists to end their offensive against the communists (which in OTL gave the communists enough time to rally and to start their own offensive). Instead of being driven from the mainland, they manage to contain the communists in Manchuria. And both Tibet and Sinkiang retain their independence.