Unfortunately, China 2020 GDP (+2.3%) --> 15.7 Trillion USD (based on Current CNY to USD ratio)
Indian 2020 GDP estimated (IMF est.) --> 2.6 Trillion
So the GDP gap is already 6x... Though the military expenditure (2019), China is only 2.5x bigger.
China is an under militarized nation relative to its economic size, even with its modernization and buildup.
2020 military budget is 1.268 trillion yuan while the 2020 GDP is 101.6 trillion yuan. Military budget is 1.25% of GDP, it's been consistently around 1.3% since military reforms in the 1990s. Its similar to under militarized nations like Germany and Canada.
If China spent 2.5% of GDP like India, the 2020 military budget would be 2.54 trillion yuan ($390 billion USD at current exchange rate). Unlike the Soviet Union, China isn't directly engaging in an arms race with the US. It's main strategic focus is still economic development. Its overall economic size enables it to not be stretched thin like Russia and Turkey when pursuing geopolitical goals. I would expect China to gradually increase military budget as a percentage of gdp once the main developmental goals are achieved but still nowhere near the gdp percentage of other nations with strong military forces.