Valid line of thought sir!
The long bays are not necessarily deep, just long enough for PL-12s. The centre ones are WVR missiles only.
I'm not sure we should be so hasty to remove internal stowage in the quest for cheapness. Build cost is somewhere between FC-1 and J-10.
Main cost saving should be R&D, ie minimise cost and risk by using basic technologies wherever possible.
* limited glass cockpit etc
* radar from FC-1 in initial/export versions
* existing engine
* no TVC
* RAM optional extra
* gold lined canopy optional extra
* fixed inlets (without splitter plate?)
* FBW from J-10 or FC-1
* radar-less strike version available (limited service in PLAAF but export option)
* no two-seat version, instead specially optimised L-15s with 'fake' systems in student seat to simulate this jet (ie flick a switch and the student only 'sees' one engine, has FC-1's radar, etc.
* LO limited to 'common sense' shaping etc, aiming to have much smaller RCS than current generation especially when fully laden, but not quest to be radar invisible. Of course many customer nations and their neighbors will still see it as a 'stealth fighter'.
Bigger challenge is finding a suitable Chinese engine. RD-33 is probably on the small side, plus export complications. WS-10 too large/expensive? Spey?
Overall dimensions on the small side (FC-1/MiG-21 etc) but internal volume large - lots of empty space though. Extensive use of composites to reduce airframe weight.
This is a trade-off. 'clean' performance would be unremarkable, so official stats would look lowish. BUT, and this is a huge but, when armed, the internal carriage means excellent performance when compared to an equivalent armed 4th gen fighter.
Range would be good due to massive internal stowage.
Two underwing hardpoints for semi-stealth and/or regular ordinance. Wingtips can be 'swapped' for launch rails.
If China built a fighter in this class you can easily imagine PAF and many overseas nations who cannot afford/cannot negotiate F-35s buying some. Egypt, Sudan, Angola, Nigeria, Saudi Arabia, Burma, Venezuela, even Serbia etc...
China could then sell 'anti-stealth' radars etc to the neighbours for a second bite of the cherry
Once the first batches of exports are made China can set about upgrading avionics etc to full PLAAF 4.9 gen spec, researching TVC, better RAM, optimising shaping etc.