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Here's a thought I had: The United Provinces of China.
The Nationalists hold on to Hainan and Zhoushan. In 1955 the US opts not to abandon the Dachen Islands and the Yijiangshan Islands.
Later on, Britain and Portugal cede Hong Kong and Macau to the Republic of China rather than the People's Republic of China.
Eventually the RoC internally reforms as the "United Provinces of China" - a federal state of Hainan, Taiwan, Hong Kong, Macau, Zhoushan, and the Dachen Islands (Chekiang Province in exile).