They have already "banned" bitcoin like 10 times past 4 years without success. This is nothing new, they ban everything that is great about the internet.
They have never banned Bitcoin outright. This seems to be a common misconception. They have banned ICOs, exchanges, P2P exchanges (that served as a loophole for the initial ban), and they're currently sitting the fence on mining. Holding and trading are still fair game, but who knows how long that will last.
Either way, China is no longer the giant it once was in trading volume, and the remaining traders have already learned how to sidestep regulations. An outright ban at this point shouldn't be too crippling in the short term, FUD aside.