[defrost]

I can't find the paper ATM - but this was discussed by an Australian group (ASPI adjacent) tasked with China watching eight years (? ish ?) ago .. and as I recall it played out more or less as they predicted.

China central planning pushed for and encouraged 'over buiding' for efficiency and surplus, doing bulk deals on concrete, streamlining steel creation from iron ore, etc.

If you put aside the traditional western stock market view of companies trading in the building domain (which grew and collapsed) and look at it as state planning for bulk efficiences of scale it perhaps makes more sense.

Right now it makes sense to look at what the next five to ten year state backed push will be as we might anticipate more "one foot in the free market" bubble like growth there.