Yes there are random empty apartment buildings and a few absurdities like --> http://en.wikipedia.org/wiki/New_South_China_Mall.
However, overall the infrastructure they have built has put this country in a position to achieve dominant superpower status over the next century.
For example, within 5 more years the entire of Guangdong Province will be connected by high speed rail and subway - meaning 100 million people and businesses will be connected by public transit with no more than a 2 hour ride. There is already a critical mass of manufacturing capability here, and with that added layer of network infrastructure, even if labor costs rise 100% YOY to match USA and Germany in a decade, Guangdong China will still be the worlds factory.
Furthermore, the internal consumption machine of 1.3B people is undeniably ramping up now. They are spending money, the largest middle class on the planet is clearly taking shape, and lives are measurably improving all around me.
There may be a few bumps in the road but there will be no collapse.