a teacher of mine told me a story about when China want to start industrialize. China lack of iron ore for its steel factories, and lack money to import it. So officials went to houses that have steel bars in their windows and steel doors, asking people to donate them. In return, the gov promised to crack down on burglars and robbers harsh.

Today, China certainly have enough capital, but the question is how to use it efficiently. Just take semiconductor industry for example. It is a money pithole.