The People's Bank of China (PBOC) and its financial institutions will issue their own cryptocurrencies. Therefore, China accepts Bitcoin as a currency. The Chinese nation will put this currency into payment for services. This spurred economic growth, pushing Bitcoin prices up.
China’s new digital currency ‘isn’t bitcoin and is not for speculation’(Cissy Zhou - Published: 6:00pm, 22 Dec, 2019).
"The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies"
There you have it. "Different to Bitcoin". This should all give you a hint on where this is going. Yeah, as if i would trust the Chinese government more than the free market. Of course, that is exactly what they intend to project: the almighty Chinese State can do it better than the free (speculation) market...
Mu Changchun, head of the People’s Bank of China’s digital currency research institute, on Saturday said it would be “a digital form of the yuan”, there would be no speculation on its value, and it would not need the backing of a basket of currencies, according to the official Shanghai Securities News.
Were you expecting otherwise? State coins are NOT good, virtual or not. The fact that they want to distance themselves from Bitcoin specifically, proves that they are well aware of it, and how it challenges their authority. And for them the "natural" course of action is to oppose it. Of course the other "stable" altcoins are meh.