It hasn't in my estimation quite reached material parity yet.
I agree with most of what you said.
But now would be a good time to assess the surface forces of JMSDF and PLAN respectively, I think.
JMSDF:
DDH/LHA:
Hyuga class, 20,000 tons: 2
Shirane class, 7,500 tons: 2
Izumo class, 27,000 tons: (1 just launched, service entry projected 2015, + 1 planned for service ~2018. Will only include the first boat for this comparison, as I'm forecasting out only to 2015)
Landing ships:
Osumi class, 14,000 tons(?): 3
Large PAR equipped DDGs:
Atago class, 9,500 tons: 2 (possibly + 2 more planned, but wont' be included in this comparison as the first of the new batch are only scheduled to enter service by 2018)
Kongo class, 9,000 tons: 4
Akizuki class, 6,800 tons: 2 (+ 2 more, possibly the basis of a new class post 2014)
Other DDGs:
Takanami class, 6,300 tons: 5
Murasame class, 6,100 tons: 9
Asagiri class, 4,900 tons: 8
Hatsayuki class, 4,000 tons: 5
Abukuma class, 2,500 tons: 6
That's 376,000 tons worth of surface combatant
(Declining to include AORs, smaller patrol boats, and not including the potential for two more atagos, not including the second izumo class, but do include the 3rd and 4th akizuki boats. Basically I'm only counting boats that are in service, launched, or soon to be launched)
Comparing it with PLAN:
Aircraft carrier:
Liaoning, 65,000 tons: 1 (be a few years until it's got a full complement, but this comparison stretches to 2015, which I think is a fair forecast date)
LPDs:
071 class, ~25,000 tons (or 20k tons?): 3 (there is some dispute as to just how much 071 displaces, as the 25k ton number was taken from a PLAN sailor, posted over on CDF. Considering 071's dimensions and how much we know it can carry, I think that displacement isn't unreasonable. Also a caveat, that 071 units two and three may be heavier than 071 unit one, as the PLAN's sailor's anecdote was stationed aboard 999. But for the purposes of this comparison I'll be using 25,000)
"Large" LSTs:
072A/III/II class, 4,800 tons: 24
072 class, 4,200 tons: 3
"Large"/blue water capable DDGs:
052C class, ~7,000 tons: 3 (+3 more, launched/sea trials)
052D class, ~7,500 tons: (1 sea trial, 2 launched, 1 soon to be launched)
052B class, ~6,500 tons: 2
Sovremenny class, ~8,000 tons: 4
051C class, ~7,000 tons: 2
051B class, 6,100 tons: 1
052 class, 4,800 tons: 2
"B team"/coastal DDGs:
051 class, 3,700 tons: 7-8 (due to be retired, probably replaced with 054As and 052Ds in their flotillas in coming years)
Blue water capable FFGs:
054A class, 4000+ tons: 15 (+5 in various stages of sea trials, fitting out, or launch. Not a stretch to think that 20 will be in service by 2015)
054 class, ~4000 tons: 2
"B team"/coastal FFGs:
053H2/H3 class, 2,300-2,500 tons: ~14?
053 class, 2,000 tons: ~14? (being phased out)
Corvettes:
056 class, 1,400 tons: 8 (+ who knows how many more. Let's say 20 by 2015? Fair? Yes/no?)
Modern missile boats:
022 class, 220 tons: ~80 (should they be included in such a comparison? JMSDF obviously have no such comparable boats in inventory, and 022s have relatively short range, but are not a threat to be dismissed)
Not included are minesweepers, older missile boats and AORs.
Not including 056 class, 051 class, 053 class, and 022 class I come up with a total displacement of about 503,000 tons (assuming 4 052Ds, 20 054As in service by 2015, and that 071 class is 25,000 tons rather than 20,000).
Including 056, 051, 053 and 022, add on another 133,000 tons (however that number is likely to be lower as some 054As, 052Ds will be replacing older ships too).
Of course, total displacement doesn't compare the qualitative performance of the ships on each side, and JMSDF do not have as many older, shorter range frigates and destroyers as PLAN. But in terms of total tonnage of surface combatants and landing ships of both sides, by 2015ish, I think PLAN will be convincingly greater, but its power projection capability in terms of the number of medium/long endurance blue water capable ships will be about JMSDF's total
I.e.:
JMSDF: combining their "PAR equipped DDG" with "large DDG" sections: ~222,000 tons
PLAN: combining the "large DDG" and "blue water capable FFG" sections: ~223,000 tons
In terms of carrier + amphibious/power projection assets, the two are on somewhat equal footing displacement wise, although PLAN will be more oriented for amphibious assault and CAP/strike due to the combination of 071 (and 072), and liaoning, while JMSDF is also oriented for ASW and amphibious assault via helicopters (possibly CAP and strike if they ever decide to board F-35Bs, but this looks unlikely circa 2015):
JMSDF: combining hyuga, shirane, osumi, and 1 izumo: 124,000 tons
PLAN: combining 071 and liaoning: 140,000 tons (if we include the various 072 derivatives, we get ~268,000 tons)
So I'm actually quite surprised that PLAN's overall displacement, "blue water" capable displacement, and power projection displacement, are all either convincingly larger than JMSDF, or similarly sized to it, if we look forward to 2015.
Clearly the biggest contributors for PLAN are the liaoning, the 3 071s, and also the massive surge in 054As we've seen, and the forthcoming entry of 052C/Ds into service.
--
Edit:
It was probably a mistake not to include AORs considering how important they are to blue water power projection, so here they are:
JMSDF:
Mashu class, 25,000 tons: 2
Towada class, 15,000 tons: 2
Total: 80,000 tons
PLAN:
903/A class, 23,000 tons: 4
Fuqing class, 21,000 tons: 2
953 class, 37,000 tons: 1
Total: 171,000 tons