Ultimately chokepoint still around creating litho/entire semi supply chain. which TBF is coming along. Big Fund was wasetful but did produce a lot of uncoordinated domestic players, US sanctions now forcing them to coordinate. PRC probably only actor with entire indigenous semi supply chain on the horizon. Fabbing leading edge chips was always the "easy" part, there's a reason TSMC/Samsung were willing to open fabs on mainland before US sanctions/CHIPs act without massive subsidies. Other east asians know Chinese work culture is compatible, they can work how they work and make what they make. Hence SMIC/Huawei can do 7nm and eventually 5nm with some TW/SKR training in years prior.

Semi is probably going to be less like oil and more like agriculture in coming years, it's just something strategic many govs have to subsidize.