if they cancelt your residence permit then not.

Your current employer can only reapply with a cancellation letter of the old working permit

If you have your passport there is nothing stopping you from going home.

RETURNING, however, might be a bit problematic.

No, you can't exit China and return only with FEC. 

You can do that only with valid Residence permit.

You will get your new Residence permit stamp as soon as you get new FEC.

FEC doesn't have 'value' outside of China. 

For entry to China, you need new Visa or valid Residence permit.

Is your name Harry or John? Don't tell me it's both!

Apart from the semantics about when your previous RP will expire, I think the most practical thing to consider is whether you will have your passport. If you are in the process of getting this done then, as mentioned above, the visa you wish to return on will probably have been cancelled at some point during your trip. Ergo, reentering will be problematic or impossible.

Once you submit your documents to entry/exit they give you a receipt for your passport but I doubt that would get you out of China or into another country. It may be good for staying in a Chinese hotel. Seeing the sights of China instead of your family is probably your only option. Good luck.

Thanks guys for the info. I will now just have to wait for my new visa then.