In a way, yes. The last 10 years has seen China trying to discourage economic growth that isn't actually benefiting the people. They're avoiding bubbles, and trying to direct resources towards the welfare of China. For examples of this, look at:

https://en.wikipedia.org/wiki/Houses_are_for_living,_not_for_speculation

https://en.wikipedia.org/wiki/Neijuan#Economic_overproduction

Just look at the "economic growth" in the US the last few years. It's all AI-based speculation. It's economic growth, but it's clearly a bubble.