The percentage of China's military spending is still very low right now.It is doubtful that China can afford to increase production indefinitely whilst maintaining it's fleet and personal costs. Much like the Soviet Union before them, China could drive itself broke trying to keep up with the US. There are already signs they are hitting the wall such as the 004 AC postponement .
In fact, Chinese military spending on equipment procurement and training is already on par with the U.S. military.
In many aspects, it is the United States that is unable to keep pace with China. This is not primarily caused by China spending more money, but by the fact that the United States is now in the late stages of the country, with a great deal of aging and corruption.
The United States is now in this state like an old man, the United States is not lacking money, not status, not knowledge, the United States is lacking a healthy body and spirit .
America needs to be reformed to be great again.
It is a very good thing that China and the US can compete in a healthy way, to the benefit of both sides. It's also good for the world.