Kind of, or well when priced in dollars it becomes like that.
Say for personel, a 1st year soldier might get 1000 yuan a month in China and 1000 dollars in US. If we have exchange rate be 7 Yuan for 1 USD, you can quickly see that China can have 7 soldiers for each 1 US has (this is just example, while I don't have the actual number, it is 100% something like 1 US soldier pay is equivalent to multiple, quite likely 5+ pay of PLA solder).
And this kind of applies all over the PLA (the range varies, for aircrafts it might be around ~1x with 5th gen, but say 2x for 4th gen, but in other areas, we're talking about PLA being able to get say 5x, 10x or even 20x when compared to US military. Such as personel being around 5x, ammunition being 10x and some missiles being 20x).