Is this a real Chinese Proverb? (Pumpkins and Time Management)
It's a real proverb and means what your quote says it means.


  按下葫芦浮起瓢  (àn xià hú lú fú qǐ piáo)
  variant: 按下葫芦又起瓢 (... yòu qǐ piáo)


葫芦 and 瓢 are two different words for gourd, similar to a pumpkin. These were used to collect water, so that's why you would want to hold them under water.