I can't believe Binance were naive enough to think this could work.
The real P2P stuff is happening just fine between individuals in private on low key and neutral platforms. One of the world's biggest crypto companies expecting to wade in and be facilitated by a government puppet is ludicrous.
But it seems really works as CZ claimed;
"In the first 24 hours since launching, the service volume was $1.5 million in volume,"There must be a way for Chinese citizens to buy and sell bitcoin without getting caught attention, don't know how but it eventually operates. Let's see if it can survive there or blocked through a hard way by the government.