That is basically crony capitalism, as I define it. The thing is the "state" doesn't make corporate decisions on a daily basis, so they allow the "market" to function within bounds, while deciding to emphasize/support/demand/... development in certain areas. They built that enormous HSR system in a short period of time because the "state" decided to do it cost be danged.
In "crony capitalism", a favored few run the companies mostly as they want and make billions so long as they kow tow to the state. It's similar, I think, to how Nazi Germany operated. The Nazis were not all that efficient and put a lot of resources into wasteful areas, like an aircraft carrier. I think the Chinese have a longer term view, they try and see future markets globally they can dominate, like EVs. Just as today every TV is built in Asia, I think, we might wake up in 2050 and find every EV is built in Asia.
