If China did this, or if China did that, then things would look like this or that - if has zero value. China is known for interrupting the growth of certain sites and services (doesn't just relate to crypto) by using their ban hammer. Bitcoin offers one, actually two, very important features; 1) It allows people to lock their wealth outside the reach of their government. 2) People can use Bitcoin to move their wealth from their country, to another one, and that in a matter of seconds. These two aspects of Bitcoin are what the Chinese government fears the most, and that's pretty well known in general.