This is a bit of conspiracy theory, but there's a theory that China's strategic goal isn't to have an all-encompassing Chinese OpenAI that can charge a shit ton of money. The goal is to prevent US companies from doing so.
That's not really a conspiracy theory. It's a pretty much the core of China's industrial strategy. Projects like "Made in China 2025" are explicitly about developing their own innovation base to avoid being reliant on foreign companies. AI is one of the areas where this was most urgent.
