Huawei's Mindspore. 256 Tera flops on half precision operation. For comparison the last time I checked a new processor's power, it was Nvidia's 1080 with 130 Giga flops.
At that speed, it also will need a wide memory bus and very fast memory to operate. Not sure how good their solution is on that side.
And how are China managing funds for such advanced AI tech? Most likely they are using it to mine data from their population surveillance system. For which they need larger and larger processing power. Thus funding Hwawei's advancements.
https://interestingengineering.com/huawei-launches-worlds-most-powerful-ai-processor