The Chinese are already producing cheap video cards!

The Moore Threads MTT S5000 came out this or last year and is apparently competitive enough with nvidia offerings for AI training and inference. I suspect the spy was from some other Chinese company, but it could also have been Moore Threads looking to catch up faster.

There's also the MTT S80 which has been out for like 3 years, is cheap and has 16 GB GDDR6 (hey 3 years ago that was pretty decent still). Unfortunately the drivers suck so it's not great for gaming, or doing anything else graphical.

Gaming is unfortunately kind of irrelevant to them, it seems. It doesn't really bring in money.