my view is that it was originally developed to match Victor III in performance, but it will be more powerful than Victor III now (possibly matching Early Akulas) due to the modern weapons in the Chinese arsenal + the latest Russian control systems + electronics and such. This is stated in the latest Kanwa article. Add on top of that, you can add asymmetrical seven-blade skewed propeller and anechoic tiles to 093. These are the reasons why it would be better than Victor III.
"Russia is also helping develop a new generation of Chinese SSN's
and SSBN's, the new 093 and 094 attack and missile submarines. Russia is
helping China cover the hulls of these submarines with a layer of anechoic
tiles to improve their quieting capabilities and help them elude detection,
i.e. U.S. and Japanese detection. These submarines will conduct missions
related to daily activities of U.S. and Japanese warships, compare
favorably with Victor III class SSN's, and should become operational in
2007."
It was also mentionned in the latest Richard Fisher article that China is probably get some technological assistance from the revived SEVERDOVINSK project.