My theory is that there are a few Chinese top men in the government that uses Steam and that's why Steam is still going in China.Also Chinese state media put out an article talking up the virtues of video games. This may suggest they won't scrutinize the industry as hard compared to the past year. I think Steam Global will remain soft blocked, but maybe their government won't block the client. But with tensions between the US and CN where they are right now, who knows?
In reality, global Steam should have shut down long time ago.