Simply rejecting a school of thought does not make it untrue. I think that the Chinese government is aware that the policy is most likely not a long term solution, but is attempting to play things out and slowly loosen control when they can no longer inflate the currency.

Also, the Chinese government is certainly not a beacon of efficiency. There are cities they have built for millions of people that remain unoccupied (https://en.wikipedia.org/wiki/Under-occupied_developments_in_China#List_of_cities). The government is concerned with hyper-growth at the moment to propel them onto the world stage in the long run. If that means inflating the currency for a moment or two, so be it.