I view it more like the war on drugs. Cracking down on cocaine at it's source basically just increases the value thus price. If the mining slows, it will just mean there is more money in mining.
But in the long run, this won't significantly affect the supply of bitcoin because the hash difficulty will just adjust, right? That's in contrast to cocaine, where the crackdown may very well lead to long-term supply shifts, causing the price to rise. But I guess maybe if a significant amount of coins get trapped in accounts held by Chinese citizens, it would make a difference.
