WI:Two matching Republics of China on the mainland?

What would have happened if USA and Allies had actively intervened in the Chinese Civil War in support of the KMT Regime and as a result a more or less equal division of China into Communist and Nationalist states as in Korea or Vietnam had occurred? Then ROC would not be confined to the island of Taiwan alone but would have covered half the mainland, say the southern part. The communist PRC would have covered the northern half. The North China would have Beijing as capital, what about the South China? What would have been the political repercussions internationally due to the presence of two equally powerful states, one allied to USA and the other allied to USSR, in the Cold War period?
 
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