As for an ICO, I would not bet on it. Even China' s Stock Exchange is only open to foreign investment on select days, and in limited amounts.
As for the question of the Chinese government being trustworthy, the main reason they have recently put such a clamp down on BitCoin's operations in China is because they have realized the y cannot control it. To put it simply, the CCP is, by their very own open statement in their charter, perpetually engaged in the destruction of any institution not controlled by "The People," meaning them. I see their digital currency being built in as part of the already existing digital exchange infrastructure for their Fiat currency (there are places in Beijing that will not accept RMB through any medium other than WeChat Wallet; cash is unacceptable), on a platform they can lock a user out of for any action deemed "seditious "such as a social media post they dislike).
So no, I would not trust them. I would not respect anyone who does trust them, nor do business with the same.
And for the record, I live in Beijing, and have lived here for five years, lest anyone should make the argument that I'm an "American Propagandist."