since the 1970's. I think China is doing its usual posturing for the home crowd and also trying to prove they're some kind of military power. They're also spooked over our closer ties with Taiwan over the last few months for everything from participation in WHO to closer collaboration on military affairs and supplies. From what I've read, the Taiwanese are quite a bit more sanguine about it than you are. But they also aren't backing down from their threats.

I don't think China will do anything else but bluster. The desire to bring Taiwan into the fold are far outweighed by the risks of actually attempting to do it.