If the Chinese econ collapsed nastily, how would the world economy be affected?

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OK let's say the toxic debt built up by the Chinese suddenly catches up on them. The entire Chinese financial system begins to enter systematic collapse and the Chinese are forced to go to the IMF. They give them a record loan, but force the CCP to privatise and shutter companies, cut salaries, etc. And let's say because of this there is massive unrest, especially in the rust belt region - wildcat strikes, worker sit-ins, demonstrations, riots; and the military is brought into stop them. So the entire economy is brought to a standstill, all the docks and factories are closed. The unrest grows to the extent the CCP/millitary starts to detect ambitious members and call for regime change; and the entire nation slides into civil war.

How would that scanerio (ignoring the fact it's probably very unlikely) affect the world economy? Would it automically cause a global recession? What would happen to the bonds currently owned by China? How interdependent is the West with China atm.