Many details re what China is working on are covered in this article, and while China is in no rush, the bigger picture might tell a different story.
Of note is that it will be distributed via banks and will have a 1:1 with the national currency.
In a country where very few people use cash or plastic, preferring smartphones for payments, when it does finally launch it could launch the cryto express past the 10% tipping point globally.
How far along are the USA in developing a national crypto coin?
Who will replace the USA as a global currency if China wins the the 'crypto space race'?
It's a very big prize to hold the global currency & one that China would want to hold and control.
Round #2 looks like it could end up being China VS BTC ie controlled vs distributed.
Time will tell
https://news.u.today/news/china-coin-not-to-be-launched-this-november-communist-party-of-china