On a broader note, I think the length of the current and future global trade slumps would also be a massively important factor in PLAN capital ship procurement, although the correlation is likely to be the opposite of what many may think.
China sees shipbuilding as a core strategical national security industry, that means it will do all in its power to help it weather the current, and any future slump in commercial shopping demand; and the way China can do that is with military naval contracts.
The length of time new PLAN capital ships spend tied up at port after launch and even handover is an import indicator imho of how much the current warship building boom is beyond the PLAN’s original plans.
It is very out of character for the PLA to have such major hardware assets sitting ideal waiting on crews and/or subsystems, because the PLA is normally so meticulous and forward thinking that when they put plans into action, things normally run like clockwork. In addition, the PLA has always operated under the unofficial motto of ‘people wait for kit, not the other way around’. In that the PLA would much rather have fully trained up crews waiting on new kit to be completed than to have new kit sitting around for crews to be trained up sufficiently to start using them.
All of this points to the current shipbuilding pace as an unplanned for outlier rather than part of some Chinese master plan. And as such, it would be dangerous to assume that the current pace of warship construction is to be the new normal going forwards, especially if there is a global economic recovery and commercial orders picks up again.
In my view, the current capital ship production rate is determined primarily by the minimum actively levels needed to keep Chinese yards employed, to avoid having to lay off large numbers of highly skilled workers. That would not only create social and economic instability to the shipbuilding cities of China, but would also be skills that are expensive and time consuming to re-generate if lost.
The current breakneck speed at which Chinese yards are pumping out new warships are also likely to be impacted by the lack of commercial orders, as shipyards are likely to be putting far more people on shift to work on the warships than would normally be possible if they also had a massive commercial order book to work on.
All of this means that if there is a major global economic recovery in the near to medium future, with commercial shipping orders picking up once more, I would expect PLAN capital ship production to start easing off to a more conventional rate.
Conversely, if the current trade war and global economic slump continues, I would expect PLAN capital ship production to carry on at its current breakneck pace, if not accelerate.
From an overarching strategical point of view, this also makes good sense, because good relations between China and the US would be a critical contributing factor to fostering a global economic recovery and boom. If Sino-US relations markedly improve, there would also be less cause for China to need such a massive and powerful navy, since everyone knows there is only one foe China would need such a navy to counter. OTOH, if the current Sino-US trade war and general great power competition continues and intensifies, we are probably looking at a new Cold War, in which case the new arms race is well and truly on, and the PLAN would make every ship it can get.