Would it be an existential crisis? I doubt it given the strength of the 公安機關. The CCP have only themselves to blame for this mess. First, they built hundreds of high profile infrastructure projects while grossly underfunding health care. Second, if they had imported western vaccines early and enforced a vaccination policy as strictly as they enforced the lockdowns, they might not be in the current situation. 種瓜得瓜 種豆得豆。