That's not possible cos there is a chance of freedom in the world of bitcoin which mean the owner of wallet control his/her bitcoin and if I said China control bitcoin it simply because they put a lot of effort mining bitcoin which is the source of each sato which literally become what we call bitcoin.i think you dont understand what 51% of hashpower means in a network...
the whole concept of decentralization falls apart(and i'm not even talking about the risks).
things are changing, china is trying to reduce bitcoin use there.. could be the end of this "china controlling bitcoin".