We all know that china is a communist country having lots of regulations and restrictions.it always wants to keep its people under its strict control.Bitcoin is a currency which has been created to give financial freedom to people.Just we could understand that both are contrast.China does not want to loose its control over its people,either due to bitcoin or other.It does not want its country's wealth to be transacted via bitcoin outside its boundary and get invested in other countries.Also,it does not want its own currency yuan losing its value due to bitcoin.So,it has started to take severe actions against bitcoin.
May be China has some reservations about bitcoin rather they do not hate bitcoin and the proof is that there are lots of miners in china producing bitcoin in a very large number. If the miners in china stop mining then the availability will be much affected, because the demand for bitcoin in increasing day by day and we need more and more miners to produce bitcoins.