A last-minute competitor to Blu-ray?

We thought that the war was over; however it could be starting again with China pushing its own format called Red-ray. This format will now have to show enough progress in term of capacity for it to be considered as a credible competitor, at least for the Chinese market.
It should be said that they see Blu-ray with a very evil eye. They manufacture 94% of DVD readers, however these new Blu-ray products are still manufactured elsewhere, and they will have to pay substantial royalties to be able to produce them.
The cost of course plays an important role. Blu-ray is very expensive whereas Red-ray is based on components close to DVD readers, which are cheap.
For their format to succeed the Chinese will have to convince the content producers to believe in their format, however even for a market of more than a billion consumers they will be wary due to the lax laws on the hacking.
It will however it is necessary to take account of the new orientation taken by China. Previously they were satisfied to produce products designed by others at a cheap price; now she wants to now impose her own inventions.
Previously, Japan, then and Taiwan followed the same route successfully.