The global GenAI race has remained intense, with major US players including Google, Meta, Microsoft, Amazon, and OpenAI investing heavily. But with Beijing-based startup Moonshot AI launching Kimi K3, a new large language model (LLM) with multimodal and long-context reasoning capabilities, along with the rapid rise of DeepSeek, Alibaba’s Qwen, and Z.ai’s GLM models, China is increasingly outlining a new competitive model centered on open-source AI ecosystems and large-scale commercial deployment.