In theory China has the power to centralize all crytpo currencies. If one became a better proposition they could simply just convert their miming rigs to mine them instead. Bitcoin is like a kid that has been playing in the dirt all his life and has contracted every kind of virus or bacteria out there but the kid is thriving because he has developed a strong immune system.
If the Chinese try to shut down the miners electricity supply then they cut their own throats. These giant mining rigs are located in outer areas of China in small villages. They pay huge sums to the local council authority and to the local police in bribes because we all know China is corrupt as hell.
And so the Chinese Govt tells these smaller communities to shut down the Bitcoin miners. So they shut them down for a few days and then inform the Govt that they have done their duty. Then they just switch them back on because they dont want to lose the money they have become used to. The Chinese are some of the most innovative crooks on the planet. So the Chinese Govt stopping Bitcoin- well good luck with that.