It is a good catch which addresses some of current issues and the recent reactions on the state level.

I tend to believe that the stimulus was a too big and not aimed all too well but if you think back in 2008 the world seemed to come to an end and time was dear. This plus corruption, a partly cheating hand of the state and the implications of a increasingly mature economy were headwinds against a highly efficient allocation of that captial.

We should see in a couple of years roughly how big the multiplier of all that public spending was and how wisely the private sectors invested. In the end for all that talk about an Asian or Chinese way economics are everywhere the same, even if we still have a hard time to figure some of those laws out.