If they wanted to, it's well within the purview of the CCP to apply pressure to Paramount's ability to finance its films or distribute those films in China (a huge source of international box office receipts), until such time as Paramount reigns in Trey and Matt.
Note that I wouldn't support such a move, and they strike me as the type of creators who would happily walk away from their cash cow rather than self-censor. I just mean this is one possible endgame.
[1] https://variety.com/2019/tv/news/viacom-explores-sale-majori...
[2] https://www.wsj.com/articles/paramount-pictures-gets-a-1-bil...