China may be subsidizing this for now in a way that US companies can't or won't - but if they keep building power infrastructure and the US doesn't, then it will no longer require subsidy from them. It will simply be absolutely cheaper (including profit margin) to serve tokens in China. China is building for the future, while Western Democracies are afraid of the future, and of their own shadow.
Yes, countries where compromise is not required, where social, capital and human costs are non-factors and where regulations are bendable at will by who's in power can be more effective at achieving some goals.