Answer:
No, Clary does NOT die. Jace does, though. Valentine kills him. But, Clary gets him back by wishing for him when the angel Raziel (spelled right?) gives her a wish. Originally, Raziel (?) was expected to give VALENTINE a wish, but Raziel (?) saw Valentine's intentions were not good for the race of Shadowhunters. Aaaaannndd...this answer is probably longer than you expected it to be.