Hello dear friend @vlemon.
The adoption of crypto and blockchain by the Chinese government cannot be assumed as an unrestricted endorsement of current models such as BTC.
According to statements by senior representatives of the Chinese communist party, this launch will have a disruptive influence on the future of the global economy, as it would eliminate both Libra, other national cryptocurrencies and even the traditional SWIFT system, underlying banking transactions.
Therefore, the idea of implementing blockchain in China seems more like wrapping up its own particular concept. Perhaps focused on domestic consumption and as a way to avoid the economic and tariff sanctions imposed from the EEUU.
On the back of President Xi Jinping’s weekend comments that China should be pushing Blockchain technology faster, 60 Chinese tech stocks were suspended limit up (even if they had little to do with Blockchain).
This looks like a FOMO reaction and maybe it would be treading speculative ground
All best, Piotr.