China doesn't have EUV fabs... They've pushed DUV impressively far... but until they get EUV working industrially (and reasonable timelines are at least 2-4 years for that) it shouldn't be possible for them to compete for that market.
> China is the great equalizer of the world.
China is hardly an egalitarian society...
Another way China is a great equalizer is their willingness to do business with anyone that can pay.