I think the major material point missing from this analysis is that every major model from China is "open-weight". This means that in principle you could run these models on your own hardware or the hardware of a third party.
Even though most people still use these models hosted by the provider anyways, the threat of high quality open-weight models has been a persistent drag on the valuations, prestige and revenue of the US tech/AI firms. In fact, they started a massive price war in token pricing that has reached all the way to the top of the market
Chinese firms are also a pressure relief valve for monopoly pricing in high bandwidth memory and soon even advanced chips.
I therefore argue that even without "exporting revolution", in practice Chinese industrial policy is hazardous to imperial tech conglomerates on both sides of the Pacific, and I couldn't be happier about it