Yes, China can do it too. And Trump is signaling he is okay with Russia taking Ukraine and China taking Taiwan if that also means he can take Greenland and/or the Panama Canal. Trump is essentially creating a 21st C. version of the 19th C. Concert, with the US, Russia, and China as its only members, and where those three states can do whatever they want in the world so long as they consult with each other and don't cross each others' red lines. And all other states are irrelevant. It is classic hardcore realism. As Thucydides once put it, "The strong do what they will; the weak suffer what they must."
Btw, on Taiwan, although China could invade, and still may, I strongly believe they won't -- for this simple reason: China has spent the past few years ramping up its infiltration efforts inside Taiwan. It's strategy is to push in pro-China Taiwanese into positions of power within the Taiwanese government, military, intelligence services, law enforcement, industry, and civil society. This effort is pretty significant, even though no one, including the Taiwanese government, is talking about it publicly. And when the time is right, these infiltrators will launch a coup and overthrow the elected government and set up a Chinese puppet government that will then "invite" China to come in and "save" the Taiwanese people from US/Japan-controlled "splittists." This will all happen lightning fast, and will be all over before whatever governments exist at that time in Washington and other allied capitals can get their heads out of their asses. Classic Sun Tzu: victory without war. Mark my words.