People love to point out the ghost cities and high speed trains to "nowhere". But, for every ghost city, there are hundreds of thriving actual cities full of people. Shenzhen itself was a planned special economic zone that went from an impoverished fishing village to a thriving megalopolis and the worldwide center of electronics within decades.
And despite some high speed train stations being underutilized in the off season, the majority of Chinese cities are connected with blazing fast high speed trains that depart every 15 minutes. Even third tier cities have high speed trains and they are amazing. Now, despite using some underhanded tactics to get Siemens and others to hand over their IP initially, the Chinese high speed rail system is the envy of the world, with orders of magnitude greater coverage, track length, and ridership than Japan. At the same time, domestic innovations allow the newer trains to be a more comfortable, faster, and smoother ride than the Shinkansen, TGV, and ICE. I would take that any day over, say, California High Speed Rail dilly-dallying for decades with nothing to show for it.
The Chinese electric car industry is another one of those that are famously subsidized. People love to point out that some shady companies that have large lots of unsold new vehicles sitting there but written off as being sold via some accounting tricks. While that does happen and is deplorable, the fact is that Chinese EVs have basically leapfrogged the rest of the world in quality, capabilities, and innovation. The Xiaomi SU7 is amazing, for example. But don't despair, some Western companies like Tesla are still able to keep up with the pace of innovation.
Also, all this talk of the Chinese government subsidizing this, and subsidizing that being unfair competition, as though China had a magic money tree to fund everything. In contrast, it is sad that the US government, while having vastly greater tax revenue, fails to fund basically any sort of technological development, and instead wastes all of its enormous amounts of money on inefficiencies (e.g. our spending per capita on healthcare being the highest in the world, but most of it is going to bureaucracy, and we languish with poor life expectancy) while being saddled in debt.