I think we need to report situation like this more accurately, China as never ban cryptocurrency but they feel "Initial Coin Offering" (ICO) is not transparent enough to guarantee investors safety and so they decided to ban ICO.
According to the latest information, China was hinted at the possibility in the near future to allow the ICO, which should be regulated. If this happens, then, in fact, China will develop its crypto currency as before.
So far, one thing is clear: China still does not develop a crypto currency, and which of the countries - Hong Kong or Japan will become a new center of crypto currency, time will tell. It is already good that in these two countries there are no obvious deterrents for the development of the crypto currency.