Re: What people have really missed is
China's also been exploring a high speed rail network and/or the possibility of rebuilding the Burmese rail system to get access to deepwater facilities at Yangon as part of its new Silk Roads plan.
Given that they're also pushing at least 2 standard gauge lines across central Asia into Europe to avoid the expense, delays and complexity of gauge changes at each edge of the Russian rail network as well as a trans-India proposal via Mandalay, this is clearly a play for better access to Africa and the Middle East.
The knock on effects of a burmese line are interesting. It would open up western China to international commerce in a way that it's never seen before and possibly help move the economic centre of mass away from the coastal strip.
Why are they trying? Apart from the obvious (less shipping distance/faster shipping), there's a major bottleneck with access between the Indian Ocean and the South China Sea due to shallow waters and a bunch of reefs. SE Asia was dry land right down to the tip of what's now the Indonesian archipelago during the last ice age and the continental shelf is shallow enough that there are only a few navigable channels into the Indian ocean. That recent US navy collision near Singapore was more down to traffic density than bad seamanship.
There's also the issue of carbon emissions - China can't afford to have sea level rise more than a couple of metres or they'll have to rehouse at least 100 million people, so they're working on everything to get emissions down. This is why they have so many energy research projects running. Their point of view is that they can't afford not to explore every possibility.
Trains can be electrified and run on renewables or nuclear power. Ships can't (nuclear shipping is a non-starter even if it was a molten salt reactor) and nor can aircraft (which is ironic, as LFTRs are a direct result of the US's attempts at trying.)
I'm pretty sure that once the chinese get LFTRs working and commercially viable, they'll be selling them to all comers - and developing countries in particular. The potential there for increased carbon emissions outstrips any savings we can make in the developed world, therefore doing so makes sense on a "stability of the global ecosystem" point of view.
Getting back to tubes. If China wants to do it and if it's technically feasible, then it will probably happen. Things like the Shanghai maglev might get built as prestige projects(*) but something the size of a tubeway network will need serious consideration of the financials.
(*) If you don't want to spend the money on the maglev there's a metro station at the airport. Think of it as Shanghai's version of the Heathrow Express.