I don't think you are keeping up with the news much, because I give it an 80% chance of this exact thing happening in 2 days!
80% chance? That seems like a big exaggeration but maybe you're right. I've been hearing about imminent PBOC/Chinese government plans to ban Bitcoin for ~6 years now, including proposals like this one. Given their track record, I'd say the odds are much lower.
If they do truly ban mining, it will be a planned and orderly exit at a future date like adaseb mentioned. Chinese people are heavily invested in Bitcoin and the mining industry and the government isn't interested in massacring those investors. In the past, their overt reasoning for prohibition talk is usually investor protection.