It is anticipated by many that China will soon make a move in blockchain technology and it has positive impact to many cryptocurrency as of now but it can change in the near future. Surely, China's support to blockchain technology has made a big news and causing the prices of many to rise. But it will be also expected that they will create their own and compete in the market. Some coins will surely lose on China's coin. Though it will be good addition in the current variety and diversity of the crypto market.
China will create their own centralized version. Just because China said something good about blockchain doesn't meant it is supporting decentralized currencies. Whatever China's statement was, that was it, nothing more and that was not intended to manipulate and pump bitcoin and altcoins.