China has also squandered tens of billions of dollars building huge “ghost cities” that sit empty and rotting as well as building the infrastructure and then producing second rate electric vehicles. The capital has been squandered and the debts remain. Unless they export to the US and other countries with hard currency, its becoming increasingly difficult for their banks to service this debt and maintain the value of their currency. China is a good example of how capital is squandered when economic decisions are made by a central authority for political purposes. In the US it was catastrophic when the government forced banks to make loans and mortgages to people who were poor credit risks.
My wife is from China, I saw a graveyard of electric buses and their charging equipment the last time we were there. There were numerous electric cars and scooters there as well.