The ramjet PL21 is a PL12 replacement weapon, whereas this new missile is a new class of long range missile altogether, almost certainly with significantly more range (and/or higher speed) than both the PL12 and PL21, perhaps at the expense of agility, and is more suited to shooting at large, lumbering enemy force multipliers like AWACS, MPAs and tankers etc rather than fighters. Although having a VLR BVRAAM allowing you to engage the enemy fighters before they can retaliate will obviously be useful in combat as well.
In that respect, a cropped fin PL12 will only be a stop gap measure until the PL21 becomes operational, and once it is, the J20 and J31 will just replace PL12s with the new PL21, much like how the US and Russia will replace the AIM120 and R77 with their respective ramjet versions once those become available.
The J20 will likely work with a three missile arsenal for air dominance, with the PL10 for WVR and a mix of PL12s and this new missile for BVR, and then move on to PL21 and this new missile once the PL21 is operational.
A typical war load will probably be 2xPL10s, and either 6xPL12/PL21, or 3xPL12/PL21 plus 2xthis new missile.
From just the pictures, I get the impression that the J20's main bay is longer than the F22's, which could explain why the seem to have opted for a flush three missile carrage rather than the layout the F22 has gone with. This would allow the J20 to carry 6 missiles longer than the current PL12, whereas the F22 would loose two missile slots if they were to be equipped with a missile longer than the AIM120.
Does anyone have an estimate of the J20's main weapons bay dimension so we can compare it to that if the F22's bay?