The gross domestic product (GDP) of China is $11 trillion USD. It represents almost 15% of the world's economy. US GDP is $18 trillion USD. So, yes, anything that the Chinese government does/says in regards to cryptocurrency will make a difference.

The world’s 10 biggest economies in 2017 https://www.weforum.org/agenda/2017/03/worlds-biggest-economies-in-2017/