The Chinese government already has over 50% control of bitcoin mining, no need for further regulation.
The next step in their 5 year plan is to control the exchanges within their borders, which is going as planned.
What form does that 50% control take? As for the exchanges, it looks like the government is controlling them by closing them. But of course that is not permanent -- the exchanges will be back, but with licenses --- obtained by paying money under the table to important Party functionaries, no doubt.