yes, we can know that China is the 2nd largest economy in the world and their government's support of Crypto has legally boosted prices so much.
That shows their importance in this financial market and as Ethereum gains new benefits from China, they will become stronger and stronger than ever.
I really like when China speaks out positively about the crypto market and about the cryptocurrency in general, but when it catches up with a negative news background, I really do not like it because, as you said, it very much affects the world economy and everyone obeys its laws and when it issues the bad news is the whole market is going to hell. It would be better for China not to have such power over the global economy, because it would then be much easier for Bitcoin to fly to the moon, otherwise China will only put sticks into the wheels.