What actually matters is this: After all weal and woe, it is our government and what it does is standing by and large for our interests on the world stage. No other government in the world would be willing to do the same (save for the KMT government perhaps, which is what makes them a thorn in Beijing's eyes). Ask the Europeans, the Russians, the Japanese, the Koreans, the Indians, the Vietnamese, or ask American politicians, they won't give a damn about what Chinese people really want. They may have a keen interest in keeping their investments in China safe, the trade and the production of goods for their domestic mass consumption flowing, but they have no obligation towards the well-being of Chinese citizens or the development of the country. So regardless of how bad the Chinese government has performed, all we can wish is for it to get better and better, rather than disposing of it at any given opportunity. Removing the old power has been an old game in Chinese history, happened more than once. But what happens next? To build something new that is better is the daunting task, and too much are at stake right now. We will be the ones living with all the consequences, while for people at the other side of the ocean it is just something they will hear on the news. If things go awry, I don't think Americans will have more compassion for the Chinese than for the Russians after the collapse of the Soviet Union.
(At the very least, I don't see any political entity in China emerging that could supplant the CPC in the foreseeable future and immediately fill in the gap in case of a power vacuum, all the while keeping the multi-million-people bureaucracy and state corporations intact and running. Since there is no realistic alternative, you do the best with what you have got.)
So if the Chinese government collapses, as a consequence common Chinese people will surely suffer!
Chinese people are realists and just like any other people in the world they care a lot about their own interests. So whenever the Chinese government does stand for the interests of Chinese people, which happens more often than Western media pictures it to be, it will also get credit and support for that. We Chinese people have come a long way from a very bad government and extreme poverty to a somewhat good government and a vibrant national economy. So even if it does not live up to all the ideals and expectations of some people (however sincere they may be), we'd still rather give it time and care to improve and explain itself rather than scrap everything and restart from ground zero. Right now, what Chinese people really want is recognition for their efforts and sacrifices, not well-meant but naive advice to start over again. When the lives and futures of over a billion people are at stake, you have to think and act longterm, because shortsightedness will likely lead to failure.