If NEO is designed to be like Ethereum, then I would say Yes that NEO will possibly be the Chinese Ethereum. If you look at China, they have always produced their own version of each platform available in the west. China will utilise both, having two of each is just like a fail safe system put in place just in case there are interruptions to one or the other. Why be dependent on a monopoly when you can introduce competition.
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The Neo and Bitcoin Cash nestling down right next to each other = China happy :)