First of all such a Cryptocurrency wont be cryptic at all because china would definitely have control excess over all the transactions and KYC would be mandatory so instead of saying it Cryptocurrency it's better to say it a digital currency. Moreover china is popularly known for creating it's very own version of everything instead of using something created overseas. It might be the part of the make in China initiative or whatever. They have their own google, youtube, facebook and now Bitcoin. World won't be benefited much from it. All it would do is act as a gateway between fiat world and Cryptocurrencies for the chinese people as they would first have to buy these crypto in order to buy bitcoin which they currently can't.