China won't accept any outcome that doesn't have it in total control of its people and their finances.
Don't expect China to reverse it's stance until they start feeling the financial pinch because everywhere else around the world will be able to buy coins at ICO prices and Chinese will have to pay exchange prices for the same coins.
Best way to deflate the Chinese economy of all its money!
RE: Ripple Talks With People’s Bank of China Key to Chinese Blockchain Market