Before watching the video, I was thinking all maglevs were just gagetbahns since there's little difference in how maglevs are used vs conventional HSR, but 380 mph and 100+ mile long tracks make a qualitative difference as it competes with aircraft after you consider boarding, taxiing, time to get to cruising altitude, etc. This is especially important given how much CO2 per passenger mile small aircraft generate.
Also if the US can spend trillions on wars, and has a similarly sized economy, I'm sure the Chinese can afford socially beneficial projects like this even if ticket prices never cover operating costs.