Yes, "as am I" is a more formal way to say "me too." In Chinese, the meaning would be "我也是." Of course, this would be used in a response to another person's statement. Sample usage: A: I am really afraid to meet strangers. (我很害怕见陌生人。) B: As am I.　(我也是。)

as am I = the same as me; the same as I am