Tarkonis:
England may start out with the largest paycheck, but in a matter of one to two turns they get the smallest or at least second smallest with Italy having the smallest.
Just a brief look at strategies for you, by nation.
Germany: Get Baltic States, East Poland and Ukraine round 1, sink the ships in SZ 12.
Russia: Get tanks and artillery, try to push the Germans out of at least Ukraine, East Poland or Baltic States (to cost them their national objective.) Reinforce Chinghai with the four infantry you have in Novosibirsk and Kazakh.
Japan: Take Suiyuan, Yunnan, Hupeh, Kwangtung, Borneo, Sumatra/E. Indies, Philippines, sink the ships in SZ 56, SZ 53, SZ 35 and SZ 50 on Round 1; strengthen and push deeper into China. (That round 1 should give you 31 IPC +10 National Objective IPCs for a total of 41 IPC to spend on Japan 2.)
England: Rebuild fleet, prepare to stage massive invasions into Africa to cut the Italians off.
Italy: Focus is primarily on Africa, you might want to save up and get a Carrier and a second fighter to defend your fleet against the Americans and British.
China: Stall, one infantry in a territory can really slow down the Japanese.
America: Either go 100% against Germany or go 100% against Japan. You cannot really split your focus and expect to win in either arena. I happen to think Japan is easier to crack than Germany, but I am in the distinct minority.