Yes, you are right about the meaning of 卑. However, humble is another way of saying modesty.
@Two is also correct. I think,
@Two used an already translated work of
Han feizi that used 'Modest' instead of 'Humble'
.
However, China is not that humble in its dealing with Vietnam, Taiwan or the Philippines about the oil resources in the South China Sea. It is just stealing the oil there by force without coming to the negotiation table. It is just bullying the smaller countries. Same is happening to BD about the Rohingya issue.
It has extended beyond its means that caused trouble with the USA and Japan. No doubt, it will suffer economically and the sky will not become the limit of its economic aspirations or achievements.