Yep. When I looked up the term, I got this summary:

Tofu dreg is a Chinese slang term, literally meaning “tofu residue,” used metaphorically to describe poorly constructed buildings or infrastructure that are structurally unsound and prone to collapse. The phrase was first coined by former Chinese Premier Zhu Rongji in 1998 during a visit to Jiujiang City, Jiangxi Province, where he criticized flimsy flood defenses as being "as weak as tofu dregs."