China’s economic rise might be seen via bubbles; however, bubbles can persist when an economy’s growth rate consistently exceeds its interest rate. /Free exchange, The Economist September 26th 2020/ It is not the case for China.
Besides, in our near-zero interest rate world, bubbles will not occur as frequently as before. China has still plenty of room to lower interest rates when somewhat moderate growth rates replace historically sky-rocketing GDP growth figures.
In addition to that, China proved to be extremely efficient in handling overheated parts of its economy via targeted monetary means. They will certainly repeat their success in the coming years, if needed.
Governor Matolcsy, MNB, the Central Bank of Hungary