I think it's just greed and poor risk management. Up until recently, china couldn't even manufacture ball point pens (which I think only 2 companies in the worl

I think it's just greed and poor risk management. Up until recently, china couldn't even manufacture ball point pens (which I think only 2 companies in the world produced). There's no money to be made at the bottom of the inverted tech pyramid. They rather put their energy in buying ball point pens and using those pens to write stuff that will in the short term make them more money on to of a foundation of sand. Similarly all of the investment from giants like Alibaba etc went into developing e-commerce on top of a tech foundation of sand