The chip is called Godson-2, so really it's Son of Godson, which TecChannel wrote about in October last year.
Like Godson One, it will have MIPS compatible instruction sets and will be backwards compatible with the first iteration of the chip.
These processors will be sold into the embedded market, and you can read more about the breakthrough here. µ
See Also
China's "soaring dragon" Linux chip "fully MIPS compatible"