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If China wants to crackdown Bitcoin mining activities, miners will go elsewhere. This is actually a good thing for cryptocurrencies, as it shouldn’t be under a decentralised, power-obsessed regime. China can play with its digital yuan.
We all know that China is one of the biggest top countries that got very lot of miners and they are very important too in Bitcoin network as a lot of miners are from China, an example is the FUD recently about banning Bitcoin transactions, minings there, it is one of the proof that China is a big player in Bitcoin now.
For me, this is not totally negative for Bitcoin, this will be also great to neighboring countries of China that will start Bitcoin mining too, Bitcoin mining will start to spread outside China and possible that Bitcoin mining will grow and spread on different countries or places.