SHLAB,
I STRONGLY DISAGREE WITH MOST OF THESE NICE PEOPLE HERE.
5000 is not enough. (no disrespect intended)
If you don't want to have any real hobbies, projects, or educational endeavors of your own, any comforts of home, and you are OK to dip into you past savings to fly (home or elsewhere), then perhaps its fine.
But international airfare is going to cost you from 6,000-20,000 rmb per year, depending on where you live and how many times you go out.
Also, chances are you are going to want travel a bit while in China, which might not be super pricey but, at least combined with (for me)
going on a few dates,
having a drink once a week,
a multivitamin and fish oil from taobao,
being able to buy a decent pair of shoes once a year,
buying an actually good paperback (written in English) every few months or so,
birthday and other gifts for friends/family, some emergency money put away in case you get sick or need to go to a dentist or do a visa run in hong kong- etc etc
I do cook sometimes, but i don't like thinking that if i didn't eat at home every day, i would not be able to make my budget.
I think people say 5000 is ok because
1 it used to be and
2 they have resigned themselves to dipping into their savings account when necessary, and expect to save not 1 penny while in China.
Local people live on less than 5,000, but there are several complex reasons why life is not only cheaper for them than for you, but also that some of your needs and lifestyle expectations are different.