Twenty-three provinces, municipalities and autonomous regions of China have released their fixed-asset investment plans for 2017, and their total value - more than 40 trillion yuan ($5.8 trillion) - has prompted commentators to criticize the country for continuing to rely on investment to expand its economy. Critics have also compared the 40 trillion yuan investment with the 4 trillion yuan stimulus package against the backdrop of the global financial crisis, arguing that such large-scale investment plans could push China into an abyss of high inflation and rising asset prices.

Indeed, an investment of 40 trillion yuan is colossal. But is this colossal investment plan a sign of China's failure to honor its promise of transforming the economic growth model from export - and investment-driven to one driven by consumption and innovation?

The answer is "no".