Yes, from what I recall from BBC's documentary series The Story of China it is and the idea is still very much alive. I also remember it being put into context with later dynasties and current politics. Unfortunately I can't give you the exact details as I've forgotten most of it but I can point you to the documentary. You can view the first episode on Dailymotion.com. It's presented by English Historian Michael David Wood.

The first episode of this six parter takes us back 4000 years to the very birth of China, to a land divided amongst feuding Warlords and Kings before finally being united (sort of) under the mythical first dynasty of the Xia.

We learn how archaeologists discovered evidence of Xia’s actual existence and how they form a link to the first historically documented dynasty the Shang and then onto the Zhou and why this matters in light of what is known as ‘The Mandate of Heaven’.

Whether or not this evidence is real, matters little to you or me but to the people of China it is a matter of extreme significance.