China will follow a similar path as the USSR. Dynamic efficiency is not very good in state managed economies.
Also, read the CIA world fact book pages for China/India.
Also, read the CIA world fact book pages for China/India.
If such a scenario were to happen... it'd would be pretty catastrophic the world over. GIven how tied the US and China's economies are tied, I don't think the US would allow a USSR style collapse... :\