Let's say that instead of the chaos of the early republic and warlord years, China gets a more-or-less fascist ruler. Every good fascist country wants to go on an annexation spree, of course, but what would said fascist China go after?
Outer Mongolia during the chaos of the Russian Civil War (probably not butterflied away)?
Outer Manchuria (aka Vladivostok and the Russian Pacific)?
Korea and/or Taiwan despite the proven risks inherent in a war with Japan?
What else is there, really? Early 20th century China doesn't really have a lot of potential lebensraum, does it? Am I missing any low or not-so-low hanging fruit?