In a way, China has it a little better than the other nations since there is no capital territory for the Axis to capture. With all the other nations, once you grab their capital and there isn’t any chance it could be liberated, they are pretty much out of the game. They can still control any of their forces still on the board of course, but they can’t buy any new stuff.
With China, even if their last territory is captured by the Axis, they still keep any money that they have. Then when any allied power liberates any Chinese territory, China can purchase and place men there on their next turn, even the cheap 1 IPC territories.
I have heard that some guys when playing China and they see that Japan is about to overwhelm them in a round or two simply don’t buy anything for China and save their money. Then when an ally gets a Chinese territory back, China can plop a large stack of men there and really cause havoc for the Japanese.
By the way, love your Stuka.