That kind of logic is necessary for asset price bubbles. The downside has to be minimized, and the upside remain significant. In reality, the downsides are huge and by the end, just doubling prices is incredibly hard.
The best I can tell is the Chinese debt cycle is well into the period where the loans are being taken out almost solely to pay off interest on existing debt. For Q1 2019, the debt increase was 9% of 2018 GDP (somewhere from Bloomberg.) That is a startling number. I presume that is private & public debt, but I'm not sure.
Presuming some sort of very large scale bailout occurs, and the debt is monetized, the renminbi should drop in value against other currencies and then China should experience inflation. That is the theory, at least. That isn't what happened with Japan. However, if you look at Japan, they are still fighting what happened during the 1980s. Per 2018 numbers, the Bank of Japan owns 77 1/2 percent of Japanese ETFs. All kinds of other distortions have occurred, and Japan is a very and complex issue in itself.
I don't think it is possible to predict what will happen. You can, to some extent, state that if X and Y happen then Z is impossible.
Analysts are looking at Japan and wondering what similarities or indications of what direction China could head in. There is some hint, but the Chinese people are much poorer and the Chinese government is quite different than Japan. The Chinese government also has a very close example to retro-actively observe while other investment driven growth stories like Brazil were quite distant both geographically and culturally.
The big unknown is, who is going to eat shit? Some big part or parts of the Chinese economy will. Who the government transfers the losses to determines what can and can not happen in the longer term.
There is a very good possibility that this will end in a poof, and China will not see significant growth again for a very, very long time. A lot of the stories being told about China's tech leadership look very similar to Japan in the 1980s. China's population pyramid isn't great either. Their population will peak in about 10 years and then begin shrinking.
Footnote: A lot of focus is on what direction prices go. A better focus would be on consumption power. When there is runaway inflation you can say, look the prices shot up I'm rich, but if your purchasing power dropped 90% you may be much poorer.