This is pretty much the whole story right here...
" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of Chinas monetary regulation is to ensure that the source and destination of every piece of money can be tracked. "
Bitcoin is the mortal enemy of '
tracking'. Therefore China is going to continue to assault Bitcoin from every angle. You can be sure of that.
Based on my research China only wants money to be put inside their country but bitcoin requires trading qith other countries.