China is the second biggest economy in the world with a total GDP of $7.17 trillion (2012 est). However, the GDP per capita is still very low - $5184 in 2011. The current (as of June 2012) exchange rate between US dollar and Chinese Yuan is about 1USD = 6.5 CNY. Due to inflation and economic boom, the consumer price in China has risen significantly in the last decade. A bowl of noodle costs about 15 -20 CNY ($2-3) comparing it only cost 3 - 5 CNY 10 years ago. A hair cut in a barber shop costs about 25 CNY ($4) where it was costing only 5 CNY.

Therefore, a dollar can not really buy you anything nowadays in China. However, you may be able to use the public transportation as a bus ticket in many major cities only costs 2 CNY (about 35 cents).