Maybe. If they attack you in Yunnan and actually take the territory on turn 2, you probably have another bunch of ground troops that just moved into Hunan from Anhwe. Now you can smash them with those ground units supported by all your air power. At that point you grab as many chinese territories as fast as possible so they don’t rebuild their army. All of China is your cash cow.
BUT, what if they strafe you instead? Suppose they attack Yunnan on turn 2 with 3 artillery, 1 fighter and just a handful of infantry. A few infantry are lost on both sides and then they pull back to Scechwan. Next turn you land air units and move ground units into Yunnan and you are excited thinking you can go in for the kill. BUT, they move back to Sikang or Shensi and when you walk into Sechwan we repeat the process again. Do that routine a couple times and you will find yourself out of position and short on ground units. You might be a smart guy and walk in with just 1 infantry but then they are completely off the hook and they march around China 2 territories away from you regaining lost territory and growing bigger and bigger until they get brave and retake Peking. That will be one VC you dont get because by that time they will have >30 infantry on it!
A lot of people would not think to just strafe you though. Most would go all in and then you would prevail. So your strategy would probably work most of the time but its up to the other side.