Their housing bubble is a nightmare

You're saying that as if the US economy hasn't been a fucking bubble bath ever since the stock market got created. Bubbles don't matter apparently, which is stupid but this is the world we live in.

their currency is not desirable

That's the point, they don't want to make their wages incompetitively high by inflating their cost of living and thus nominal wages to the moon like the US.

all their factory jobs are going overseas.

That... is the goal? Factory jobs are low-added-value, you need educated people doing high wage jobs to become a developed country.

I'm not stanning China, there are plenty of shit things aobut the country, but looking from here in Europe, it looks like they are a better partner than the US. Both of them do genocide, have a shitty human rights record, have neocolonial tendencies, shitty worker's rights, no proper democracy, etc.

But China is at least stable as a trading partner.