Yes, and no. IT development is one of the best paying professional jobs in China, commanding 3x to 8x a typical office worker's salary.
If you have skills, experience, or for a fresh graduate an interest, in what in the US would be considered a mainstream enterprisy (Java, Angular, .NET) and passable English or Japanese language skills, you can get a position in development with a Fortune 500 or as a contractor to a F500 without too much difficulty. Normal 9-6, 5 day work week, public holidays plus 10-15 days discretionary holiday per year, stability over fast-pace, middle class income (8,000 Yuan per month for 0-2 years experience, 20,000 per month in a Tier-2 city for 5 years experience; for reference rent for a newish 2 bedroom apartment within 20 minutes walk to the office would be about 3000 Yuan per month).
The BATs (Baidu, Alibaba, Tencent) pay more, 2x or 3x, and are the glamorous places for fresh grads to work. Good luck getting in though.
Want-to-be BATs are probably the worst employers. They lack the pay and prestige of BATs, lack the stability and sane working culture of F500s, and tend to have terrible management that lack conviction and realistic goals. Without a BAT or F500 early in one's career, it's hard to break away from want-to-be-BATs.
I know nothing about Games development, so no comment there.
There is a big age ceiling. 15 years experience doesn't pay much better than 5 years experience and will often be met with questions about why not able to move into product ownership of management, but that's another topic. Working in a Tier-1 city will mean rents are way higher, purchase of property probably unattainable, and wages probably less than double those mentioned above.
I hope that answers part of your questions.