No, you should replace China with Japan now, Japanese is pumping bitcoin and the trading volume is the largest now. Japan is the bitcoin leader, mtgox was located in Japan.
And MTgox is the big fail in the world of bitcoin. But I can't replace the Chinese with the japan. Although bitflyer already made some of the big company such as mitsubishi is joining the bitcoin business with buying a bitflyer share. The chinese still hold a lot of the hashrate.