Paraphrasing, i.e., restating the same meaning in different ways, is an important data augmentation approach for natural language processing (NLP). Zhang et al. (2019b) propose to extract sentence-level paraphrases from multiple Chinese translations of the same source texts, and construct the PKU Paraphrase Bank of 0.5M sentence pairs. However, despite being the largest Chinese parabank to date, the size of PKU parabank is limited by the availability of one-to-many sentence translation data, and cannot well support the training of large Chinese paraphrasers. In this paper, we relieve the restriction with one-to-many sentence translation data, and construct ParaZh-22M, a larger Chinese parabank that is composed of 22M sentence pairs, based on one-to-one bilingual sentence translation data and machine translation (MT). In our data augmentation experiments, we show that paraphrasing based on ParaZh-22M can bring about consistent and significant improvements over several strong baselines on a wide range of Chinese NLP tasks, including a number of Chinese natural language understanding benchmarks (CLUE) and low-resource machine translation.