Kind of. Middle Class Chinese have had their lives improved quite a bit. Worker class Chinese, well, that situation seems fuzzier.
This may be more or less true, but that's a separate problem from globalization. Due to globalization China got much much richer (to the point of politically bullying other countries due to economical power), but the distribution of the income is an internal problem.
But the upside is how much lives of Chinese have improved, so they got that going for them, which is nice.