How is this different than saying every investment is a subsidy? China's future domestic spending capability is obviously expanding as it invests in industrial capability.
Thanks to compounding, if they have consistently spent half as much as "they should" elsewhere for decades, there is some moment where they will reach more absolute domestic spending without ever raising that rate to where it "should" be.
Thanks to compounding, if they have consistently spent half as much as "they should" elsewhere for decades, there is some moment where they will reach more absolute domestic spending without ever raising that rate to where it "should" be.