I don't think that it will be big thing because already such types of news are coming from.many countries  , here the recent example of the country India , who gaves the official statement through a newspaper that they will launch their own coin Laxmi
, So here I think china is also looking to do the same thing .
But here I don't think that we should have any thoughts about the future of the bitcoin , Because government owned coins will be fully traceable by them , so people will still use bitcoin only as an priority.