>the hundreds of ghost citiesThere's a reason ghost city wiki article got renamed to underoccupied developments. There't aren't 100s of ghost cities. Either way this case of building housing runway, considering PRC urbanization rates = 100s of millions still need to urbanize, prebuilding housing stock is just preparing even if inefficient.
RE bubble did not nearly destroy PRC economy, it's the 2-3% difference between 5% gdp growth vs 7-8%. 2-3% of gdp is misallocation, but compared to US spending 8% more on healthcare vs oced peers for worse results, it's not gross misallocation. BTW the 1T+ HSR network in PRC that's suppose to be staggeringly wasteful? That's 6 months of US surplus health spending. Even the most wasteful shit in PRC west harps about is basically moderate waste that delivers abundant surplus. VS west's moderate-extravagant waste that delivers paperwork.
>that apply in the U.S
See PRC nail houses. PRC eminent domain in many ways stricter than US, difference is PRC can afford to pay peasants lavishly to gtfo.
>plenty of lobbying in China as well.
Yes of course, lobbying/corruption/capture, it's part of any system. The point is system can use it to boost abundance, others scoliosis. What's better, corruption that builds more infra or corruption that bills more meetings.
And to circle back on topic, vis as vis PRC MIC, corruption = more hardware because more hardware = more graft. The side effect of more hardware = cheaper per unit cost due to economies of scale.