Yes, China has a big part of the pie but they will find ways around it since they have made lots of money in he past and need to move their money with out large fees.
Good news it is not controlled by one country and if China's mining and buying goes down it will still go forward.

We have to remember that BTC and alt coins are a train and we are the passengers and there is only one train right now as not everyone is involved but we need to learn and do our homework to see which tokens and coins are going to make it in the long run.