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(Somewhat hidden in the article is the fact that these CPUs are based on the MIPS64 architecture.)
Probably not

That's probably why the Chinese seem to be very invested in the RISC-V systems at present. They can very simply just discard the Loongson as a dead end.

Mind you, I wouldn't discount the Loongson completely. The Chinese have lots of spare cash (that the US companies don't have) for research and development.