China tried to create a homegrown CPU 15-20 years ago with their MIPS variant but that died out. I think this time they are much wiser and will pull it off. In 5-8 years we may have China CPUs dominating the Asian market at least.

Riscv leading to more open designs is wishful thinking, plus probably a large dose of PR. MIPS has been open for years and how many open source MIPS desisgn have we seen so far?