The problem of over-investment in the 2020s manifests in two ways: it likely results in a corresponding period of under-investment in the 2040s which can create problems for industry in terms of maintaining skills, and problems for PLAN in terms of maintaining economies of scale, and it produces a corresponding increase in retirement rates in the 2050s, translating either to a reduction in fleet size during that period or requiring increased budgetary allocations.
I think what you're describing as investment should really be said to be procurement.
Investment in the context of naval shipbuilding IMO relates to R&D and building the industrial capacity for constructing ships of a given technological standard or capability. Procurement OTOH is buying ships or assets or capability.
Either way, whatever their procurement rate ends up being, I'm sure it will strike the best balance they have calculated between various factors like being able to maintain skills, maintaining economy of scale, retirement rate, but also on the other hand the requirement to be able to achieve and induct new capabilities in a given timeframe to be able to achieve their requirements, or more importantly whether they have the Navy they need to fulfill national objectives in event of a conflict that may be foreseen.
So, there will always be compromise and opportunity-cost no matter which choice they end of the spectrum they lean closer to.
I personally think that given the strategic risks China faces in coming years/decade or so, it would not be illogical for them to seek a relatively fast rate of naval shipbuilding and induction in the medium term to achieve a level of critical mass that can reliably fulfill the Navy's strategic requirements, and then from there, perhaps pull shipbuilding and induction back to a more sustainable and less frenzied rate.
This is similar to my own conception whereby China is strategically compelled to negate both the bulk of the US Navy (~65%) plus the forces of other regional nations, most significantly Japan. For the sake of convenience, the resulting force requirement can be considered as roughly on par with USN.
Yes, though I'm sure the influence of air power and long range missile power for all sides will be confounding factors for what their naval requirements will be. I personally do not expect a navy that is as extensive as the USN in force projection vessels or SSNs by the 2030s.