There’s a NYT’s interview several months back where the journalist phrased it as in America, you have to prove success first to get funded. But in China, funding comes first and the successful companies emerge.
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.
I can't imagine why China is so dominant in so many areas when they explicitly plan and invest in capabilities they want to have instead of just relying on the market to "naturally" provide these capabilities or constantly relying on the same handful of inept and corrupt companies to deliver on national needs.