Who you think that could own the mining farms in China? Private investors?
I'm sure that all of them are owned directly or indirectly by the government members or their friends.
You cannot do that without political backup. Not at that scale. Also just think, many are made near dams for cheap or free power. How else would that be possible?

So what will happen? Nothing!
Because they know that if they do any wrong movement (51% attack for example) they actually hurt their own investment.