I don't think they are in a bubble. Atleast not one that's going to pop. They have the advantage of developed and undeveloped markets. At the moment more of their money is going to fund internal investments since foreign investments have dried up. They have billions/trillions in soveriegn wealth funds so if they need capital they can break open a piggy bank.

Hopefully, if they've learned anything is overinvestment can be just as bad as underinvesting. If controlled properly they can coast on internal projects until the US and Europe exit their recessions. Then things can go back to business as usual.