Theyre playing catchup when it comes to specifically fabs (iirc they have 28nm working, 20nm this year) which puts them at 2014 fab process wise. Its pretty significant, as starting up a fab is not easy, especially when the U.S, Netherlands, and Japan all want to prevent a competitor.

In terms of gpus, Moore Threads (a newish company spawned from an ex nvidia of China head) has a "functional" gpu on 12 nm (works in some things, but for the most part, requires a shit ton of driver work) which 12nm would be 2017/2018 level hardware, but the driver feels like decades behind.

As for CPUs, china has a joint venture with AMD, so china can use basic levels of ryzen tech for its own cpus x86 wise, else they have their own internal risc-v and arm based designs that do fine.