Remains to be seen. A real economic collapse could result in violence and millions of deaths. Hard to hide. And economically, it would have a powerful ripple effect throughout Asia. I think the West would be very aware.
A big problem is the ambiguity of the expression “economic collapse”.
In the last decade or two, for example, the US saw, and possibly tried to encourage “rolling corrections” in both industries and regions. That is, there was a recognition that some industries are inherently cyclical, so if you can arrange that their cycle is different than the cycles of other industries, it mitigates the overall effect.
And the same with geographical regions. If just one region had a decline at a time, instead of several at once, it would take a lot of pressure off the decline, and encourage recovery.
And the Chinese are traditionally “cyclically oriented”, often at a grand scheme, so are familiar with mitigation strategies. Whether they are wise enough to take them is another matter.