I recon that as far as Taiwan is concerned, nothing much will happen beyond bombastic comments. Xi has already toned down his rhetoric after Biden also sought to diffuse tensions by speaking with him on this matter.It's a very weird situation, and it entirely depends on the US. If the US protects Taiwan, China won't attack Taiwan for a very long time. But if the US decides they are only going to watch, then China will most definitely invade, but will get stuck in a protracted guerilla war. At the very least, we know Taiwan is unlikely to go down without a fight since the Taiwanese military and political leadership know exactly what fate awaits them if they fall into the CCP's hands.
Xi wants to create a legacy in this third term, before he leaves office. He obviously can't challenge the Japanese over Senkaku yet, since the US's full intervention is guaranteed. China can't challenge Russia yet. So it's either Taiwan or Tawang.
With America's new chip policy, they could end up becoming self-sufficient in chip production, so they are unlikely to make any decisions based on Taiwan's semiconductor industry alone.
As you said Japan and Russia are out of question. In future also Russia will be safe as their MIL + cyber warfare has become more active of late.
If US needs to protect Taiwan then all it needs to do is to station a minimum force there and hint that an attack on Taiwan is an attack on their military. Alternative chip manufacturing plants will come up sooner than later. And recent news articles indicate that the Taiwanese aren't much bothered about any invasion from China - not because they are assured that Taiwan can defend or US will help, but they just do not seem to be bothered. Taiwanese are more into leading a life with a knowledge based society and material comforts - and war is not aviable option for them.
See here: In Taipei, people don't seem worried about potential for China-Taiwan conflict
That leaves India to bare the brunt of Xi's PLA and PLAAF. However unless Xi is able to convince the Chinese that an assault on India is very important, we'll not be having an war-like situation since they won't attack and we are not in a position to initiate hostilities. PLA and PLAAF know that IA and IAF will launch a very credible counterattack and defence.
We'll know if Xi wants to do something if there is consistent anti-India rhetoric for many many months. And that'll take time to fructify. In the meantime we'll have to race ahead and mount diplomatic efforts and insulate ourselves in terms of critical infra, crippling cyber attacks etc.
Once GoI is convinced that we have credible defence or offensive-defence against China to even deter Global Times from publishing their silly articles, the focus will shift towards Pakistan and LoC since stalling China means that we're in a very much superior position with respect to Pakistan.
But again the dynamics will depend on which party or coalition is in power.