I wouldn't put too much stock in their exact numbers, but it's not realistic to think that China has had 24 or 12 or even 6 times as many deaths as publicly reported, let alone on a per capita basis.
China has 18.7% of the world's population and 0.00018% of the current coronavirus cases [0], if you believe their reported numbers. So yes, I'm willing to believe there are vastly more deaths than reported as well.
Why is it not realistic? The CCP numbers are essentially propaganda and have no basis in reality.
The CCP claims ~4,600 deaths, while there are reports like 5,000 urns being delivered to a single mortuary in Wuhan alone (Wuhan has at least eight mortuaries). According to some reports 40,000 urns were distributed in the span of just 10 days.