Yes, but they wouldn't be able to do that abruptly. That's why they are now forcing all American companies to create "joint ventures" with the local Chinese companies, which can steal the American technology, and then say 10 years later, the American part can be removed.
And American companies seem to go along with it, thinking they have no choice. They do, but they're too scared to lose the Chinese market to risk anything at all, and second, they're too shortsighted to create strong alliances with their competitors to speak out against Chinese policies.
Think about how Microsoft was ecstatic that Google was getting banned from China, believing this would be an "opportunity" for the company to gain market share - it wasn't. Baidu filled out all the vacuum left by Google. And now Microsoft has to accept whatever bullshit policies China throws at it, too.
Instead of allying with Google and others, it thought it can pull one over Google. That's the kind of shortsighted thinking I'm talking about. If American companies want to thrive in China, they need to create strong alliances and cooperate more against bad Chinese government policies, and not sell each other out for some promised short-term gains, that they'll lose in the end to local companies anyway.