The statement is - False.
Wang Mang and his land reforms proved to be unsuccessful, and in fact they caused the biggest problem and enemy to his reign because people started to make rebellions because of his reforms.
His reforms were basically some form of socialist agricultural measures, where he made all of the land in the country in state property, and also people were not allowed to have more than 0,6 square km of land, and if they had or gained more, than they had to redistribute it with their family and cousins, and if they didn't they were exiled to the wild outskirts of the country.