No. Beijing instructs Chinese banks what to invest in (e.g., AI, electrical generation infrastructure). The Fed has never done that. When there is an economic downturn, e.g., the Dot Com crash in 2001, the Fed makes it easier for US banks to borrow money. When there is a lot of investment, e.g., now with all the investment in AI, the Fed makes it harder for the banks to borrow money (because the money is not needed as much because the economy is being stimulated by all the spending by the recipients of the investments into AI). Beijing does that, too, no doubt, but again they also decide for the majority of the investment money, which parts of their economy get the investment.

It's still 1.4 billion people, 100 million party members, and a mostly capitalist economy where nobody stops you from starting a business. Decisions get made at all levels.

What's interesting is that, however you want to characterize their system, they're actually investing in a more diverse set of things than we are. Yes, AI is on the five-year plans but so are lots of other things. The US elite investors are pretty much only AI, all the time right now.