This is exactly how the opportunities were passed up. I am convinced its in no small part because of the unrealistic expectations of a very high success ratio with a small number of experiments. The US throws a lot of money at relatively few bets while China funds entire competitive markets at smaller scales and lets the ecosystem vet them.

There is also political alignment in funding next generation technologies even if it's disruptive of established industries. Lobbying of fossil fuel industry did not stop renewable factory investments in China. Whereas in the US any failure of a renewable investment was highlighted by fossil fuel lobbyists as a pretense to stop the investments