I’ve seen this image go viral a few times. 

It turns out there has not been a huge actual increase in M1 China Money Supply. 

What has changed is the way M1 is reported by PBOC. They now include household deposits and funds held in things like WeChat and AliPay, which is more inline with other currencies.

Source: 

https://www.chinadaily.com.cn/a/202412/02/WS674db6cda310f1265a1d0a4e.html

The US did something similar in 2020, adding savings accounts into M1 (obviously not standalone apps though).