And it might not be the only possible scenario - in fact, with all the Hitler comparisons floating around, this stance towards China reminds me a lot of the appeasement politics towards Hitler.
Ultimately, saving face with regard to Taiwan is probably just one part of the general trade deal with China? So as the other parts, it should probably be up for negotiation? Or even be a factor ("we pretend Taiwan belong to you, and you give us moar iPhones").
Not saying that protectionism is a good idea, but also not saying that all trade deals are always optimal for both parties.
I think Ukraine was about more than saving face for Russia, too - Russia has always wanted the Krim for strategical reasons?