Covert actions in the interest and by the request of a foreign power is spy craft. If you do this openly, then it would not be called spying, it is done all the time; sometimes it is called diplomacy. If you hide the fact that you are working for a foreign power, you are a spy. It is not a necessary condition, but it is sufficient.
Sounds more like a gun runner but for GPUs
China or any other country is not required to follow the U.S.'s laws. If they don't see U.S. rules to their advantage they may work around it.
We've seen the results of this just this year when its turned out China has enough oil reserves to buffer the reduced output from the Iran war. China had been bringing in Iran/Venezuela/Russia oil for years despite U.S./EU sanctions. That's not spy craft. That's China looking after itself and not bowing to western hegimony.