https://www.pcgamer.com/valve-and-perfect-world-are-bringing-steam-to-china/

Valve has announced a new partnership with Perfect World Co. to launch Steam China, which "will provide Chinese gamers and developers with a new way to access Steam's expansive selection of games and entertainment." 

The size of the Chinese audience makes the launch of an officially-approved version of Steam in the country a huge move for Valve. The store is accessible in the country, but access to the Steam Community, including forums, user profiles, and inventories, is completely blocked, meaning that anything requiring interaction with other users isn't going to work.