Well, not exactly. Since New York is in the Northern Hemisphere, you’d end up in the Southern Hemisphere. The more tangential the trip (and US to China is very tangential), the less beneficial gravity is.
Actually, if you have a frictionless tunnel (okay, big "if" here, but, hey, we're drilling through the Earth), any tunnel between any two cities anywhere in the world would take 43 minutes (or maybe it was 47 -- it's been a long time since I read the science article about it in Analog).