It’s short-termism but not the kind you first think of in the West.

Chinese local officials are expected to meet and exceed targets for GDP growth. Investment is GDP growth, so officials are incentivized to build lots of flashy projects to boost growth even if there isn’t a clear need for them.

The central government is so concerned with local government spending that has resulted that it has ordered 12 provinces to halt new projects: https://www.reuters.com/world/china/china-orders-indebted-lo...

Building out mostly unused high-speed rail interconnections and being in debt is a well-known sign of a country that thinks short-term. the local government gets paid for building these useless rails out.

China Sees More Stations Shut Down as High-Speed Rail Debt Crisis Deepens https://english.pardafas.com/china-sees-more-stations-shut-d...

China’s High-Speed Rail Is Dead: Over 4,000 Ghostly Stations, Billions Spent, No Passengers https://www.youtube.com/watch?v=hhclmurNUuw