Yes of course, the Chinese are immune to such a mindset.. they merely take pride in the likes of YAO Ming and Michelle Kwan and even Keanu Reaves (lol).. not to mention the constant comparison with Indians about how great their race and people are due to their superior Olympic medal tally.
I never said that the Chinese were immune, but since you brought up the comparison in the first hand, I must say that Indians suffer from this phenomenon to a far greater extent. It's comparing mountains to mole hills.
Obviouslly Yao Ming is highly regarded in China, but thats probably because he nearly single handedly put Chinese basketball on the map and its popularity today in China is in no small part to him. I would wager most Chinese have no idea who Michelle Kwan is (I thought she was Korean for the longest time). I don't think Keanu Reeves is even Chinese.
Speaking of the constant comparisons, it seems to be quite the other way around in that it is the Indians who are always doing the constant comparisons and boasting of their perceived superiority.