China trying to ban access to foreign exchanges

China is really tightening the bolts about completely eradicating cryptocurrency within its country and preventing people from moving money offshore to invest in cryptocurrency. Now it is trying to ban access to over 100 foreign crypto exchanges. China really does not like de-centralized cryptocurrency as the central government cannot control it. However, I think there is something else here. I think China might launch its own national cryptocurrency fully controlled by the government and they want to clear out any possible competition to their national cryptocurrency.
However, I think all these steps will ultimately unsuccessful and will just put China behind on both blockchain technology and cryptocurrency. It will force trading underground but will not stamp it out. Overall, I believe it is a bad strategy.