> Heavy industry is mixed, with decent success in consumer vehicles now but little purchase in stuff like heavy equipment or shipbuilding

Uhh, China does over half of the world’s shipbuilding.

China is also responsible for 25% [1] of the world’s heavy equipment manufacturing and is considered to have double[2] the CAGR of the global average for heavy equipment manufacturing.

0: https://www.csis.org/analysis/china-dominates-shipbuilding-i...

1: https://www.grandviewresearch.com/horizon/outlook/constructi...

2: https://www.grandviewresearch.com/industry-analysis/heavy-co...