Yeah, pretty much. In terms of resources, it's equal to or superior to an actual real life superpower, not to mention its' more advanced technologies in aerial warfare.

[s]mildly spoilery but who gives a damn; Russia didn't absorb China, China absorbed Russia, at first. Volkov was originally named Ming .LTD, but a 'change of management' early in Volkovs' life changed its' identity.[/s]