It depends on who you believe. When China issues numbers, the free world says they are not true and when the free world issues numbers, China disputes them. It also depends on the criteria used to make the judgement like, manpower, aircraft, tanks, budget etc. The two links below demonstrate the conflict of information. Your choice:
The CIA World Factbook on China:
https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html
China Military webpage in English:
http://eng.chinamil.com.cn/