I mean, similar ideas did emerge on the Indian subcontinent IIRC, and IMO it wouldn't have been impossible for these ideas to catch on basically anywhere in the Indian Ocean Trade Network, though the combination of emphasis on the Confucian classics and on the role of the Mandate of Heaven means that it might be a bit unlikely in China.
As for the implications? Not a whole lot much. Classical economics did not emerge from a bubble (no tulip jokes please), but rather as a reflection on the reality of early modern European economies, particularly England/Great Britain and the Dutch Republic. However, from the continued existence of monopoly charters into the Nineteenth Century, the emergence of the first large-scale industrial workplaces in state-owned shipyards, etc. we see that for the early industrial Revolution much of this industrial development was inspired by Smith et al. to a vanishingly small degree, if at all--it doesn't take Classical Economics for people to realize that building factories leads to them having more stuff, to greatly oversimplify.
Later on, it might have political ripples, of course. But--and this is crucial--similar economic philosophies could and have emerge elsewhere, and would have gained in popularity if they were ideologically suitable to the developing mercantile-industrial class. Thus, asking what the impact of classical economics or similar gaining popularity elsewhere in the world is fundamentally putting the cart before the horse.