Which isn't at all accurate. Venture capital specifically exists to fund first, in the pursuit of success later - and the US has been by a dramatic margin the leader in doing that for the past ~60-70 years.

VC still requires startups to find themselves and prove something first. China basically has a program to do X and anyone can sign up to be a part of that program. All are funded and the winners emerge. I’m broadly generalizing that process but that’s not how VC approaches it.

China has this process at the city state level. They can leverage their pegged currency to keep their citizen’s purchasing power lower than it should be to fund anything.

A downside is that their consumption economy is low, all their geo neighbors view them as a threat (reducing exports long term), and this contributes to high unemployment as productivity increases.