Yes, demand is high for safe assets and this is in part driving down interest rates.
Labor share is the key to solving the issue.
Labor share is fallen in the US and other advanced countries, including China. Inequality of income has widened. The excess money at the top is driving the demand for safe assets over its supply, and this is pushing interests rates down.
No matter what stimulus you throw into the economy, monetary or fiscal, the money still circulates with the same labor share ratio. Money still concentrates at the top. Then the increased money at the top maintains demand for safe assets over supply and this further holds down interest rates.
The economy is at its level of output according to the labor share ratio. We are in a new normal.
Now if you want to go back to the old normal, then, labor share has to rise. Until such time, current monetary and fiscal policies will not work in a beneficial way.
New Labor share data came out today. It is still low. Here is the updated FRED graph.