> inefficiently allocated capital Every 6 months of US health spending above OECD baseline i.e. ~8% of GDP, aka ~2T/y buys you the entire HSR network in China,

> inefficiently allocated capital Every 6 months of US health spending above OECD baseline i.e. ~8% of GDP, aka ~2T/y buys you the entire HSR network in China, stations included. How inefficient is PRC capital allocation really? A few 10s of millions of extra housing units when they have 200-300m more people to urbanize? The point is PRC over allocates but quickly readjusts, i.e. even housing allocation basically capped in 2010s when new floor space peaked. The even more important point is PRC thinks it's important to over allocate and have in abundance than to have not enough. I argue most would prefer problems of over allocated abundance over under allocated scarcity. Like US has plenty of cheap labour (mexicans), they just choose to exploit it maximally in some sectors (like agriculture), and partially (like construction), vs maybe maximally exploiting cheap labours in the latter would do US some good.