By PPP at least, yes. But even still, that's way too much money especially on R&D which seems to be showing no signs of slowing down in China
Consider how US military spending is like 3.5% of GDP.
In comparison, the last (older) Chinese figures are about half that level (~1.8%?)
Consider how everyone in the world sees the US as being "overly" aggressive towards China, as per public comments by Ray Dalio and the late Henry Kissinger.
So if China wanted to match US spending levels, China should really be doubling it's military spending.
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Given that Chinese military spending is overwhelmingly spent inside China using Chinese resources, PPP is the better measure as it looks at actual output of goods and services in an economy.
The exchange rate just reflects the supply/demand dynamic for the the US Dollar and Chinese Renminbi. And remember the Chinese government explicitly manages the currency.
What matters is what your USD or RMB can actually buy.