China has a very diverse mix of technology. They use x86, ARM, MIPS, RISC-V and others. I don't know if splitting the efforts in many different directions makes sense.
That being said, RISC-V is gaining a lot of traction. I wouldn't be surprised if it starts to become a real challenge to ARM in the next five years. You just need mature tooling and better cores. Probably also need a wider variety of smaller cores for embedded applications available at the right price points.