China used to be the biggest market for cryptocurrency in the early days, but its recent attacks on crypto-related activities and have negatively affected the entire cryptocurrency market. The recent fud resulted in the current dip in Bitcoin price, I think it high time miners in China think of relocating to more crypto-friendly countries.
LOL the so called "crypto-friendly countries" has no free electricity...
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What's wrong if there will be less miners? none... 
How about the decrease in hashrate? I find its effect on the transaction fees still burdensome until the next difficulty adjustment. We've been enjoying fast confirmation with 10 sats/vbyte or less the past weeks.