In my opinion, its just an attempt by Commie China to claim that their civilization is the oldest one in the world.
It might well be. But given China's present circumstance as the cheap labor capital of the world (and therefore a relatively poor country), that's like a raggedy panhandler saying that his forebears were Rockefellers. Not really something to boast about. Not to mention the fact that the ancient inhabitants of what is now China are not the Chinese of today, any more than modern Egyptians are the Egyptians of antiquity. In many cases, the original inhabitants were overrun and massacred, in accordance with the customs of antiquity - you lose, you die - sometimes as a human sacrifice. It's amusing to see the Chinese claim credit for the achievements of a people they might have wiped out.