Without getting too political or anything since it's frowned upon here, that sort of thing has already happened many times around the world. It typically happens in nations where the economy depends on a single product to a very high degree, be it oil, gold, diamonds, etc.
It would be quite unlikely to happen in a place with a well-diversified economy like the US, Japan, Canada, etc. But yeah, a smaller country depending on a single product? Sure. I can -- and does -- happen all the time.
EDIT: Oh, and no, I don't ever see that happening to China. Their economy is so diverse. OTOH, I'm not an economist. So you may want to take it up with someone who is.
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