Unlike every other country on the planet which use their leverage to benefit all nations equally.
That's how nearly everything works. If people don't think action is in their best interest they don't act. And you can substitute any country for China - although if anythign the Chinese have been unusually competent compared to everyone else. the US has been adopting a foreign policy with a deliberateness of action that could be likened to someone having a seizure.
I expect the Chinese will do something wildly stupid at some point, but they've been behaving quite responsibly so far.
The aspect that you can count on is that China sees AI as a long term strategic necessity, so they will support domestic players for an extremely long time. But unless you're a Chinese lab that shouldn't necessarily be a comfort to anyone else.