President Obama may have telegraphed an important theme for next year’s presidential election when he attempted to steamroll his new stimulus program through Congress by invoking the specter of falling behind China. “Building a world-class transportation system is part of what made us an economic superpower,” he claimed. “And now we’re going to sit back and watch China build newer airports and faster railroads?”

China’s experience with public infrastructure does hold important lessons for the U.S. But they aren’t necessarily the ones many Westerners, including the current U.S. president and his advisers, seem ready to embrace.

As high-speed-rail projects move forward in …