The chinese probably launched another of their own balloons over their homeland just so they could blame it on the US. The US has plenty of spy satellites and doesn't need balloons.Making things even more complicated, the Chinese have reportedly spotted their own unidentified flying object near the port city of Rizhao in Shandong Province. The city is roughly halfway in between Beijing and Shanghai and the latest reports indicate the Chinese government planned to shoot it down.
I doubt aliens would use a balloon, either.