As someone living in Shanghai and who experienced the lockdowns here, the US media (as biased as they may be) picture is much more closer to reality than what you are saying.

The economy is in worst shape since 1992, Food and beverage industry is expecting to lose third of it's companies, property market is collapsing and going down first time for ages, Apple moved production out of China first time ever, several Fortune 500s moved their "tech hubs" etc. out of China, smaller rural banks are going down and preventing people from getting their money out, third of European companies are considering moving production out of here etc. and all this is just tip of the ice berg.

Maybe the government will find a way out of this mess, but right now things are darkest they've been for a while and we are now hearing rumors there is going to be another massive lockdown.