Without an increase in budget, China won’t exceed America numerically.
As things stand, the PLAN is most similar to the JMSDF as a self Defence Force operating on a low budget. China is not constitutionally bound to always have a low budget, but the public isn’t interested in investing too much.
It would be unnecessary to have as many ships as the USN, but China should keep widening the individual capability gap by developing new technology, which will also ultimately benefit the public.
A navy of ~75 fleet combatants vs USN’s ~100 seems reasonable, if China maintains a budget that’s 1/3rd of the US’ while having a 50% larger total money pool to draw from.
If many of those new destroyers can field railguns and other futuristic systems, that would be sufficient to defend and deter aggression on all major sea lanes, except ones where logistics forbid consistent operations.
Ships designed for littoral fighting would fill out the capabilities as well, especially if upgraded with next gen weapons.
Having a large navy is only one part. The Spanish Armada was the largest navy of it’s time, but was totally destroyed by the numerically smaller British who had home field advantage and better individual ships. There’s a lesson here for the PLAN.