Why would the fact that China is basically controlling mining do anything to Bitcoin?
The whole concept of bitcoin was based around decentralization.
If China controlls a large % of the hash power then it would only take the collaboration of a few to hit the dreaded 51% control point
Yeah exactly. If there is only one country controlling the whole thing, then the whole point of Bitcoin is gone. It is not really their fault though, no one else wants to mine.