In the US this model is called venture capital - build lots of things knowing lots will fail.

It's a model that creates big winners and lots of losers.

Ironically of course the other alternative is central planning which is a hallmark of communist economic systems.

> estimated to leave Chinese debt to GDP at 117%

Japan is 264%, Singapore 168%, the US 129%, France 112%, Canada is 107%, UK 97%, Germany 66%, Australia 22%, Afghanistan 7.4%, Kuwait 2.1%.

A debt ratio isn't particularly useful to know on it's own.