That is true (see infrastructure investments). The irrational decision makers are mainly in private enterprises. In my opinion because they are used to 10% growth. They will have to change or their companies will go belly up.

Many Chinese (both in Private and SOE) are complaining that there is a "downturn" right now. This is NOT a downturn. It will never be 10% growth. They have not realized that the game has changed.