A view from an Indian analyst:

It is extremely unlikely, but let’s say the fragrance of Jasmine flowers wafts across the Great Wall and perfumes China’s Han heartlands. A post-revolution China could take many forms, but let’s say that it turns into a democracy while retaining its existing international boundaries. Let’s set aside these two big “if's” for a moment and ask what such a scenario would mean for India.
Nitin Pai: What if China becomes a democracy? - Business Standard (India) - March 21, 2011.

(hat tip to the men from the intrepid Interpreter)