I am quite sure that this is a solid warning to all governments that if they are planning to act similarly to China, the result is that trading will move 'underground', further outside the reach of governments.
If you want to maintain some level of control, then make sure you set up proper regulations that to some extent are decent and fair for all involved parties. Governments have to accept that Bitcoin is here to stay.
That being said, Chinese exchanges will slowly pop up again, because the governmental actions were not permanent, despite people thinking that China has banned Bitcoin ~ it's ignorance from the highest levels.
Straight to the point there mate. Chinese bitcoin holders will really find a way to convert/trade their bitcoin because the Chinese choose to closed their local exchanges. Look what happens next, bitcoin was traded underground resulting to losses on the Chinese side. If they thought that closing exchanges will stop Chinese bitcoin holders then they are very wrong. Imagine if those bitcoin goes to their exchanges, its a win win situation for them. So what do they do next? allow local exchanges to operate again? Remains to be seen.