A truly developing nation can't, the economic powerhouse of the 21st century has a lot more latitude in this respect. As long as not every single investment in it goes tits up, there won't be any shortage of dumb FOMO money chasing growth.
(Look at the mountains of money piled into straight-up obvious crypto scams, at least China is full of real companies that are doing real business[1], even if sometimes that business goes to shit.)
[1] Like making all the things the world uses. And serving half a billion people living middle-class lifestyles.
There's a lot of corporate scams in China that gets swept under the rug. That's not a validation of China's model of growth, it just postpones the pain, like Japan's lost decade. And Japan was a lot more developed when its real estate bubble popped.
China has experienced the catch-up growth that it missed out on after 1949 in the past 3 decades or so. The trajectory of growth is less than for example, South Korea or Japan. The big difference being that China has more people.
