They could make a lot of noise and try to ban it w/o a lot of result. This would be enough FUD imho to maybe dump the price for a bit say, down to 500 bucks for BTC again.
But on the flip side in say a month or so ...w/o a lot to show for it ..people would just carry on, in my likely clueless viewpoint.
Now if they suddenly went all 'cultural revolution' and banned 'crypto POW mining of sha-256 btc and scrypt...well that would be a whole nother thing like the 'death star'
is parked in orbit kinda scenario.
The key is MORE adoption worldwide! Less reliance on China masses!
But the ways of China Politics are a mystery to me.
Always remember it is a Communist Country playing at being a Capitalist Country..they will tank the economy and
many other things imho to keep power.....just saying..in the west a well running capitalistic society is needed for stable domestic politics, in China
capitalism is just a tool imho