Of course it is. Only a fraction of the US military budget is spent on things like weapons. The largest parts is actually things like pay, dependent care, housing, and things like that. Actually purchasing of weapons is a small part of the total budget.
However, in China they are paid a fraction of what they are in the US, and can not even get married until they reach a certain rank and have permission. So their expenses like pay and dependent care is a fraction of what the US spends. The same with housing.
The problem you and so many make is that you just assume the budget goes just to weapons, that is a very small part of the budget. On average around 20%, or around $150 billion.
China on the other hand most of the Chinese defense budget is a black hole, but experts believe they are currently spending around $170 billion on procurement. And that is at a smaller cost than the US as the firms they buy from are essentially state owned and operated.
So if you are talking about purchasing weapons, China actually spends a lot more on that than the US. And at a significantly higher percent of their military budget than the US. Where as we spend only 20% on procurement, they are spending over 50% on procurement.