Continuity is more important than high tempo.
A country need only do enough to keep the engineers in practice and the aerospace infrastructure healthy. More than that is unnecessary -- it's nice to have, but not strictly needed.
Lack of continuity, however, can be fatal. Due to Congress's unreliability, NASA has no launchers left. The space shuttle is gone, and so is the Saturn V. Probably permanently gone, as a lot of knowledge has been lost. The U.S. is like a manic depressive: it's unstoppably giddy one year, suicidally gloomy the next. As I look back at all the lost decades since Apollo, I conclude that slow and steady, a continuous progression, would have been better by far.
Slow and steady is what I see from China. In the end, they may win.