I think that's a very compelling argument: that China's swerve towards totalitarianism in the past few years is motivated by the fact that the government sees an economic depression coming.
This isn't about Bibles, the Bibles are just one aspect of a tightening grasp on society that's been going on for a while now. You could just as easily focus on their attacks on feminism or homosexuality, with a completely different attendant set of armchair socio-historical theories.
The economic explanation is the only one I've heard that makes sense to me: at present, civic peace is largely predicated on continuing economic growth. The main reason the populace tolerates the current regime is that it has provided steadily-increasing prosperity. If the government anticipates a bump in that process, it makes a lot of sense that they would now be battening down the hatches.