One thing i know about china is that they really olay tight and safe in their economy irrespective of the situation, the man satoshi who started Bitcoin is a Japanese and not a Chinese, and you could understand very well that china dont jeopardize with their economy system especially when it comes to inventions, dey prefer to start first and others follows.

I also think they are playing safe in order not to devalue their Yuan currency exchange rate if more priority is given to crypto, all inventions in china today were been made by the Chinese including the internet (ip), network, mobile devices, among others, their official language is Chinese, and make use of all finished end products made in china. They also believe in contending power of rule with the USA with due time, all these features couldn't have possibly aid their conviction to adopting Cryptocurrency as it was not invented by them at first.