Chinas central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.
Rather good news. "Gradually" is the key word, they don't intend to force miners to shut down immediately, just to cap their power usage over time.
That would be a shift in mining power, China will be gradually losing its % of hashpower, which is probably a good thing.
I completely don't understand the decision of Chinese government, by having majority of BTC hashpower on their territory - they have some sort of control over BTC (they could take over and attack BTC if it ever become a threat to them). Are they really that concerned that power consumption can get out of hand and cause shortage?