16 times higher? People still die of other causes even during a pandemic. And in a city of 10 million people you'd expect roughly 20,000 people to die in the two months under normal circumstances. And that's just if we're talking about the urban area (if we include the metro area, the expected mortality rises to roughly 40,000, but I'm not sure if there'd be more funeral homes servicing the metro area than what they refer to).
Sure the number of deaths from corona are almost certainly higher than what China has said, but I don't think they're necessarily lying. When this first started, China was limited on the tests they could produce and conduct just like everyone else was (and most still are). Italy isn't counting people that die at home but I don't see anyone saying Italy is lying, for example.
EDIT: Oh absolutsurgen already covered this.