Many people (and I think including Xu) are not super optimistic about this.
What is stifling the Chinese software microcosmos from springing up great open-source projects like linux, reactjs, keras, ror, etc, is the 996 culture[1], bad wages, and backward management that are encouraged and enforced in (most) Chinese software companies. (Perchance a feature and not a bug under the current settings of the country's econcomical and political system?)
It'll be interesting to see many years down the road how much initutives like this will help to introduce a gradual paradim shift in the Chinese tech scene into a more liberaltarian one.
[1]: https://en.wikipedia.org/wiki/996_working_hour_system https://www.zhihu.com/question/347979262/answer/1304823875