In my arm-chair admiral fantasy, I think the 053H3/F-22P can be evolved to a 1,800-2,000 ton Corvette concept, similar to the K130 class.
Replace existing 053H3/F-22P armaments with 1 x main gun, 2 x FL-3000N launcher, 2 x CIWS gun, 2 x 2 SSM, 2 x 3 torpedo launchers, a helicopter + hanger, then add some RL's.
But how much cheaper would such a Corvette be, compared to the 054A? In other articles the 054A was cited at 1.58 billion RMB, or roughly $210 million USD. If the F-22P's price is $150-$200 million each, then the "Corvette" version is probably not that much of a saving over the 054A.