Is it considered a racist stereotype if it is true though? My wife is Chinese and most of her stories do corroborate what parent said. In big cities the school system is very demanding and if you want to land in a good college you have to land in a good high school and so on. With an extremely competitive job market it is not unconceivable that parents push their kids very hard.
Sure, but there is still a difference between, say, "as someone living in a certain section of a highly competitive environment", and "as a Chinese", since the latter could at least be read to imply that it's a genetic trait, which would be obviously silly. Of course it can also be a shorthand for the more verbose way to put it, but I suspect people here are talking more about descent than the society they are most tightly integrated into.
On a more serious note, sadly the majority of Chinese/Asian parents i know would take the first sentence seriously.