The problem isn't the track. The problem is combining two very different things, i.e., a road network and a mass transit system.
- A road network is designed to be as broad as possible, not necessarily efficient. Ergo, a complementary transit bus system (public bus service that shares lane with other commuters) or a bus rapid transit system (public bus service on a dedicated lane) is added to the overall public transport system. Because the goal is to be board, bus transport solutions don't scale well which leads us to mass transit.
- Mass transit systems, such as underground subways or surface railways, are designed to be efficient partly due to cost but primarily because their goal is to connect population hubs.
The pitch of the elevated bus system is that it can solve congestion in urban areas by combining mass transit (no need to build subways) and rapid bus transit with a mixed-use philosophy of the road network. So how do you become efficient (mass transit) on something that is designed to be inefficient (road network)?
Where does trams, or streetcars, fit in all this? Well, the argument for trams is they use existing infrastructure, i.e, mixed-use of the road network. However, trams have a terrible safety record. This isn't because they are an unsafe method of tranport but because they share the road with crazy commuters. Hence, city planners prefer bus rapid transit systems with their own bus lanes so they can ensure passenger and commuter safety.
I understand that China has to think big because it has a billion people so in that context elevated bus is a clever idea but I have my doubts because I know trams have a terrible safety record and the underlying philosophy (mass transit vs road network) is totally different.
Here's a compilation of tram accidents, in almost all the cases the accident is the fault of the commuter:
P.S. Cable cars are taking Latin America by storm, if you're interested in low-cost or innovative public transit systems. Skip to 7:15: