I think there is lots and lots of new money coming into bitcoin everyday. I know it is more complicated than supple and demand, but it seems like extra demand and extra people buying would drive the price up.  Instead.... the price is softly sinking all the time.  That makes me think that there are some unscrupulous traders that have found a way to cipher off all new funds into their pockets.  Maybe some kind of crazy arbitrage scheme by big exchanges where exchange owners are selling to their personal accounts cheaply, then selling back to the exchange at higher rates. All the extra money from new players then just gets funneled into the exchange owners pockets instead of the price as a whole going up. 

So do I think China is cheating?  Yes, 100%.  I think there are fake volumes, and that is just the start of it.