2. The 2027 deadline may have arisen due to a calculation that due to ebb and flow of Chinese vs US platforms coming online, somewhere around 2027 exists a local maximum where new platforms like J-20A, J-35, DF-27, Fujian etc are ready for PLA while new US platforms are just out of reach. However it's turning out that those new US platforms that appeared on the horizon 5 years ago (Arleigh Burke Flight 3, NGAD, Constellation class, Sentinel, American hypersonics etc) are suffering delay after delay and don't look like they will be ready by 2027. Thus this theorized local maximum may not exist and the best strategy for PRC is to wait further and see the scale of military balance further tip towards PLA in an AR situation.
The future doesn't look any more promising for the US.
China continues to grow significantly faster and have a larger economy in terms of actual output, as per the World Bank. We'll probably see China grow to 2x the US economy in 5-10 years.
At the moment, China is somewhat behind militarily.
But terms of annual procurement of equivalent air and naval platforms, China is currently running at twice the US rate, roughly speaking. So given enough years, the size of the Chinese military will trend towards twice the US.