Nope, actually the most significant risk to Bitcoin specifically from the Chinese government would be an effective block of all Bitcoin-related traffic between China and the rest of the world. This would lead to about 50% of mining power being in China and about 50% being outside of China, both "networks" happily continuing to mine blocks (albeit a lot slower) without knowing about each other, thus confirming entirely different transactions. The market would effectively be crushed by such an event, since the whole point of the blockchain is to have a stable, worldwide consensus about the ownership of every single Bitcoin, which isn't the case anymore if there are two independent networks which both claim to be the "real Bitcoin" (important to note that this is entirely different to the situation between BCH and BTC, where the forked BCH chain is clearly considered to be a "different" chain from BTC by all relevant market actors and also by the software due to different rules for block validation).
If the resulting havoc doesn't let Bitcoin prices fall to zero, the chaos produced by the inevitable blockchain reorganization after the government lifts the traffic block would definitely kill it. Depending on which chain was lucky enough to get more blocks, one or the other suddenly becomes irrelevant, and thus all transactions approved within it are purged from history. If the traffic block is timed intelligently, people and/or organizations that rely on the immutability of the chain have already performed actions as a result of Bitcoin transfers, such as crediting user accounts on an exchange, which effectively enables double-spending of these coins on a large scale. This could only be prevented by immediate ceasing of all Bitcoin-related action in case of such a "net split" event, which isn't easy to do and which in itself is a huge market disruption.
I consider the likelihood of such an event to be rather small, as I assume the Chinese government to have a vested interest in Bitcoin (indeed I assume that certain parts of it have been active participants in the game of cryptos for quite a while, and even without this, there are the proven interests of the Chinese mining economy, whose participants hold large sums of coins and physical values tied to their mining operations). But nevertheless this is a possible threat with much worse consequences than simply having a little bit slower block times.