certainly not in near future, as we all know Chinese would have bought consoles in the black market anyway, the only game changing would be localized versions of the games. But that would be hard which one the chinese gamers would like. I would say, the standards - Fifa to have a chinese localization voice over and add the biggest chinese football players besides 'Messi/Ronaldo' or whoever is Fifa's main cover player is.
There would still be market for the consoles but I would say the M rated games might not be part of it and China would still ban/control its own game rating system.
edit: to add, they won't be like Europe or US having a ton of gamers buying $60 from day one. most would be middle class buying the game that is out maybe 6 months after its main release and lower pricing.
