Never mind that China has gotten less growth from each unit of new investment since its big infrastructure binge of 2008. The Communist Party continues to build because itâs full of engineers and also because Marxist-Leninists donât want to cede economic agency to the people.
China would be better off if it built less and built better. But we should also resist judging it by the standards of the United States, which is frankly underprovisioned in public infrastructure. Because there is perhaps one thing worse than an overactive state that canât stop movingâ and that is a state that canât move at all.