Yes, but nobody has found a more effective way to build infrastructure in poor countries. State capitalism as described is how infrastructure development happened in Indonesia, Malaysia, Taiwan, Hong Kong, Korea, Japan, Vietnam, Thailand, etc.
The fact that infrastructure was built under state capitalism does not demonstrate the superiority of central planning, only that capital accumulation occurred despite intervention, often financed by prior scarcity, foreign savings, or coerced transfers; absent market prices and entrepreneurial profit-and-loss, the state cannot know whether the infrastructure created was the most value-productive use of scarce resources, only that concrete and steel were poured.
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Catlover76 asks in a [dead]ed comment, "And China, right?" It's a reasonable question. It's debatable whether the infrastructure of the parts of China I didn't mention was built by state capitalism or by a straightforwardly Communist system of production, so I only mentioned the more clear-cut cases.