If that's the case then the PLAN combat ship fleet will have to grow by 1/3. That's quite and increase. I don't know if this is such a good idea to put so much into the navy and neglecting the land forces. Where most soldiers don't even have bullet proof vests. And where the tank forces still has thousands of obselete models. And it has inadequate medical capacities.
As others have written, manufacturing things like bullet proof vests can be done quite quickly whereas constructing, commissioning and training a new warship to competency takes many more years.
Furthermore, considering China's main strategic front is now the ocean rather than land, it makes more sense to spend more on naval capabilities than army.... but at the same time, it doesn't mean the army is being overlooked, it just means they are procuring new systems at a different pace. They are clearly still developing new weapons like as we can see with the new light tank, new IFV, new assault rifle projects and so on, but China faces a minimal ground threat so the need to overhaul most of the army/ground forces is not particularly vital.
OTOH, the Chinese Navy's expansion has been long awaited and necessary given China's strategic interests in the sea. Considering the pace of construction of their destroyers and frigates, I think they will be able to achieve a 36/36 frontline DDG to FFG fleet in commission probably by the early 2020s (with all DDGs older than the original pair of 052s retired, and all FFGs older than the original pair of 054s either retired or reassigned to frigate squadrons).
After they achieve a 36/36 surface combatant fleet I wouldn't be surprised if they aim for a 48/48 fleet by the late 2020s.
And yes i'm talking about the decommissioning of the Jianghu and the Luda class ships. We haven't seen any decommissionings of those ships in 2017 and only one last year.
Those will all be decommissioned over the course of the next few years, frankly the pace of decommissioning isn't really that big of a worry because retaining those personnel in those obsolete ships is important to keep them in a ship and able to gradually transfer to new ships as they are commissioned in lieu with a likely absolute increase in the navy's overall manpower as well.