tbh I still can't square whether AZM is going to roll into a consortium (e.g., TFX) or be a stand-alone project.
Yes, the latter is tougher, but it depends to an extent on how deep you're going to develop the inputs. You could very well work on your own design, but source the inputs (engine, components for radar/avionics, etc) from China and some other sources. In fact, it seemed AM (retired) Shahid Lateef was of this view (of course he won't know -- it's just his opinion, albeit a credible one).
I wonder...could the PAF be looking at an original design under AZM, but leverage inputs from multiple sources (or even co-fund/co-develop some inputs)? So, get some things from China (e.g., engine, flight control system), and others from Turkey (e.g. munitions, avionics, radar)?