If the chinese colluded to do such a change, they would end up with an useless token and those smart would see the opportunity to mine Bitcoin at a discount while the scammers burn money on their pretend Bitcoin, before the difficulty picks up traction again.
No, that is not how the world works such as how people like Bitcoin core erroneously state that only "nodes" or "users" matter and not miners. Miners determine the fate of Bitcoin because without miners you have no chain security. Yes, you can choose to boycott the majority fork...and then be attacked by them. Then you get to open the can of worms of being forced to change algo. Regardless, since Bitcoin has no Nash equilibrium, no Schelling point, and mining and transaction validators are all designed to centralize, it's nothing more than a corrupt political power vacuum like you would see in a senate.