I feel like if China were to do this it would only be to go procure another session of FUD for everyone similar to how they keep banning Bitcoin from their society just to get the price down so they can buy more. Talk about a power hungry country! Hopefully they never do this as I could see it being a devistating time for Bitcoin and definitely a lot of folks rushing to get their money out as welll.
China didn't ban Bitcoin from their society, and it's still perfectly legal for individuals to hold and trade Bitcoin in China. The only thing they did is forbid their banks and financial institutions from holding Bitcoin on their balance sheet.