As I see it, we ended up with three mostly equal alliances:
- Oceania, consisting of Norway and Italy.
- East Asia, consisting of Shaanxi and Japan.
- the Franco-German Alliance.
while the latter is the strongest in terms of industry and army, it is in no way strong enough to overpower the other two combined.
Malaysia is a wildcard. It has a long tradition of independence. While presently affiliated with East Asia, I believe it would soon disentangle itself and return to neutrality protected by its huge navy and army. It could also become kingmaker in a war. Or perhaps it would serve as a gateway of sorts between the alliances, being the only country with cordial relations to all of them.
An interesting thing about this timeline is that, except for Germany, we don't see any nazi-style centralised economies even though most of the world is controlled by fascists (Oceania being the only bastion of democracy). I suspect most would be run in the style of OTL China, with a strong centralised government and a free market (or "free" market, I don't know) running beneath it.
In the end, I think this world is slightly less dystopic than that of the first Great Game, seeing that we have a pair of actual democracies in the mix. Then again, the most powerful country on earth is an ultra-conservative fascist dictatorship run by a man believing himself to be a prophet of God.