All fair points, and it's hard to know exactly how robust the Chinese system will turn out to be, however I would argue that their bets are paying off overall, so even if there is some capital misallocation, overall their hit rate in important areas has been good, while we've been dumping capital in "Uber for X, AirBnB for X, ..."
Well, their bets haven't been paying off, Chinese government is in huge amounts of debt due to a massive real estate bubble, and lots of subsidies that don't pay back. It's a systematic problem, for instance their HSR lines are losing a ton of money too.
It's easy to think of Uber/AirBnB style apps as trivialities, but this is the mistake communist countries always make. They struggle to properly invest in consumer goods because only heavy industry is legible to the planners. China has had too low domestic spending for a long time. USSR had the same issue, way too many steel mills and nowhere near enough quality of life stuff for ordinary people. It killed them in the end; Yeltsin's loyalty to communist ideology famously collapsed when he mounted a surprise visit to an American supermarket on a diplomatic mission to NASA. The wealth and variety of goods on sale crushed him and he was in tears on the flight home. A few years later he would end up president of Russia leading it out of communist times.
