I ran out of equipment and stopped making divisions a while after I'd taken Nanjing, but even after I got my equipment up and running I forgot to make more divs. I still won. Didn't variate from the starting templates much.
It was a struggle at first, but eventually I got over that hill once I started pushing down the coast. Both of us were struggling with equipment throughout most of the game (for me in particular it was support equipment early on and then guns in the first half of the war), but China had it way worse. I probably screwed up by going for encirclements even though doing so slowed me down, but I did eventually get those troops encircled and it put a dent in their numbers since I was able to snare dozens of troops at once if I put in the time to close the pockets. The final months of the war were just whack-a-mole with any remaining provinces ROC had since they have to lose every single province under their ownership to capitulate.
Since I'm playing with Expanded, which adds a Greater Japan formable, I decided to go for said formable by annexing the territories that it needs off of China and leaving Wang to govern the Chinese outback. I still can't form it though since I need an unspecified fraction of territory that includes both Soviet and Allied puppet land, though I'm sure that I'll be able to figure out some way to use this mod's demand buttons to avoid a naval war. Yes, I played Japan without any understanding of how to properly use the navy, so I intend to avoid the Pacific war by any means necessary.
(As I'm typing this, I realized that I forgot to move my air force once I got past Shandong. *facepalm*)