Yes, but they would have to murder millions to take over. The rest of the world will likely not agree with that.
Here we are talking about what is now the biggest, baddest bully in the room. 1.3 billion people, our entire economy in hostage and the nuclear bomb.
Chine doesn't have to worry about the opinion of the rest of world.
Which is the reason why HK was gifted to the PRC in the first place - it cannot be defended against a siege.