Absolutely false. The IMF calculated these figures by using purchasing power parity (PPP) which enables you to compare how much you can buy for your money in different countries. As money goes further in China than in the US, the figure for China is adjusted upwards. Without the PPP adjustment, the IMF estimates that China's economy is worth far less - $10.3 trillion vs  approximately $19 trillion for the US. 

In terms of per capita spending power - the value of all goods and services produced within a nation in a given year divided by the average population for the same year - even adjusted for PPP, China ($11,868) is still lagging a long way behind not only the United States ($53,001) but also the likes of Turkmenistan ($12,863) and Suriname ($16,080).  In other words, the average Chinese has almost five times less spending power than the average American. 

China's debt is almost three times the size of its economy and growing. It takes one third of GDP just to service it.