This is just off, sorry. As an American who's worked for the Chinese Olympic Committee for years I can tell you they have and are investing a lot. Like a **** ton a lot.
You can call it obscure because it is in USA. But ping pong is not obscure in many many countries. Everyone in China plays it and enjoys it along with a lot of other skill games, like badminton, Chinese version of hacky sack, billiards, and a bunch of others. There are plenty of other countries that love it as well.
It's definitely a skill vs athleticism thing in China. If you focus on one thing and the way to get better at is do it over and over and over again non stop you'll develop skills, but you won't develop athleticism. That's the methodology and belief in China.
China wants to win a lot of medals and dumps money into anyone they think will do that. Look at snowboarding this year. They also really want to be good at the popular sports. They are very embarrassed and upset about losing in basketball and soccer and are putting big efforts to change that. But it takes time and the effort can be wrong.
China is still a fairly poor place for the average person. The well off people don't care about sports for kids. Your entire life is about getting a good score at your college entrance exam. That is the only way to make a good life for yourself and it's been pushed hard. It's only recent that parents are letting their kids play sports, besides the poor kids that get pulled out of school and moved away from home to be "athletes". In China you focus on one sport and school is pretty much done. This model is changing but it will take a generation for it to take effect.