My answer would be yes. Still I'm not convinced it can fully challenge the F22 Raptor which might remain the best fighter of that generation. The future F35 Lightning (also a 5th generation fighter) might still be inferior to the F22.
Mig29 hardly compare with F15 while being of the same generation.
Moreover, according to the US DoD, it seems that they are more concerned about the Chengdu J20.
I don't know if that site is fully reliable but it gives some interesting insights:
http://www.ausairpower.net/APA-NOTAM-081109-1.html