I think by now we all know that china likes owning their own things. Everything from works to people themselves. So it is not going to be a surprise to see them creating their own coin which will be centralised as hell. But overall, I do not think it would be a bad idea for the Chinese government to accept bitcoin. That would further cause further adoption of the coin, yielding to a greater value of the price of the coin. Also would benefit China to become a better country