It'll be fine as long as people in bulk are reasonably happy, which equates to the economy doing well which allows china's economy to look and feel good. "look and feel" because there seem to be many proper economists (I'm not) that see china's economy as a facade hiding junk.

When we get the big bubble pop which seems to be hastening in, their people may start to feel a lot less comfortable. We'll see then what happens but I don't think it will be remotely nice as their government will start to blame anyone but themselves (well naturally!) and political tensions will rise.