Final answer:
The statement is false; while the guzheng is an ancient instrument, artifacts like the tomb of Marquis Yi of Zeng show that other musical instruments existed before, and Chinese civilization dates back much further.
Step-by-step explanation:
The statement that the guzheng is the oldest Chinese instrument and dates back to about 500 BCE is False. While the guzheng is an ancient Chinese instrument, it is not the oldest.
Indeed, archaeological discoveries such as the tomb of Marquis Yi of Zeng have revealed musical instruments from the late 5th century BCE, which include chime bells and other instruments that predate the guzheng.
Meanwhile, discoveries such as a stone axe with Chinese characters dating back to 5,000 years ago indicate that Chinese civilization itself has an even lengthier history than the guzheng.