Yes, Article 63
The National People’s Congress shall have the power to remove from
office the following personnel:
(1) the president and the vice president of the People’s Republic of
So the annual NPC can remove the President, by simple majority vote.
However, "President" is de facto a secondary role to the real position of leadership: General Secretary of the Chinese Communist Party and Chairman of the Central Military Commission. In the PRC, if you lead the Communist party and the Army, you lead the country. (Case in point: Deng Xiaoping)