Sitting in China, where I have been based for 15 years - mostly well outside of major cities - this is nearly complete bullshit.
Firstly, dollar figures are useless in China as the USD/CNY exchange rate has varied significantly, the domestic economy is very dynamic (high inflation) and has surprisingly little to do with the international economy. The quoted figures, probably dodgy in the first place, are likely 15 years old.
Rapid evidence: I live in a 85% agricultural zone (5% concrete factories, 5% tourism to a nearby lake, 5% military) where people spend easily $1 each on breakfast, $2 each per dish at lunch or dinner, and up to $13 per dish if meat or seasonal mushrooms. Beers are $1-2 and people drink every day. Non-showy cigarettes are $2-$4/pack and the whole male population smokes, often easily 1/2 to a pack a day. Almost everyone has flat screen TVs (with a huge VoD library plus tens of cable TV channels), mobile phones, electric scooters (or cars, or motorbikes, or electric tractors), literacy and internet access (albeit with Chinese characteristics). Most people can afford to eat out almost every day. Looking west, all I can see are four storey private houses. Looking east, I see a small factory or two and more four storey private houses in a neighbouring village, beyond rich agricultural fields. A few year old major airport lies an hour to the northeast, and a city of six million to the northwest, currently building an extension of its subway line and a new highway here. People are materially doing very well - better than many part of the US - and this is a relatively poor province.
If you want to wax lyrical about China's rise being false, come and live here before doing so. I am currently putting together a documentary on the foreign community in the nearest city, which should dispel many of these myths. (TLDW; people from everywhere, lots of art, music, short working hours, safe, pluralistic society. Way comfier than the US. To quote a Californian I interviewed on the US, who has lived in Tokyo, SF, SoCal and Thailand but chooses to live in this part of China: "not my circus, not my monkeys")