One would hope so. That seems to be the message of the "vast sucking sound" of global natural resources being pulled into China.That's a good part of the reason for the recent strength in the U.S. and global stock markets.
The problem with this message is the absence of corroborating evidence elsewhere. One is the fact that electricity usage has not risen commensurately with material imports, which implies that they are being stockpiled, rather than being put through factories. A second is the apparent lack of labor absorption; the vast numbers of still unemployed people. The third is external; the fall in the U.S. trade deficit and the corresponding Chinese trade surplus, meaning that end market demand isn't there.
The Chinese government generally doesn't "lie" in the sense that the U.S. government sometimes does, by telling an untruth. What the Chinese often do is to say something that is literally true, without enough "color," and then let the world draw the wrong conclusions. One of these "falsehoods" may be the volume of Chinese imports, true enough in the literal sense, but giving an untrue sense of the strength of the Chinese economy. And if the "waibangren" (foreiigners) are misted, so much the better.