Armchair
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It'd be interesting if the Chinese themselves opt for a basic aircraft carrier - e.g. store, launch and recover - as a means to rapidly build a expeditionary naval air presence. It could still be capable enough to support fast jets via catapults, but if the acquisition and initial support cost is kept within $1bn, it could be doable for the PN. In fact, the Chinese would be ideal partners for this because they can scale the development overhead across many ships.
PS: I know we're getting 'fanciful' with the carrier talk and all, but sometimes, you have to push for high expectations so as to build incentive and determination to proper in the required inputs (e.g. the economy).
That's what I love to hear - let's at least imagine. You don't know what you are rejecting unless you at least first consider it. The problem with fast jets is that they require a very strong deck for landing and takeoff. For a Super Tucano class, the actual aircraft carrier can be considerably smaller and cheaper. You could even use catapults but even without them, they would work.
If you built a BAe SABA type for the PA, and built some navalized version of them for the PN, you could have an aircraft carrier at about 400 million USD. If you used piston engines rather than turboprops, you could build them cheap. For instance, in the civilian aircraft market, a 4 seater with a turboprop can be about 2 million USD, for the same aircraft, a piston engine costs 1 million USD.
If you build a SABA with a piston engine, you could build them at 4-6 million USD, all things considered. If you built 100 units for the PA, and 25 for the PN, you'd have a low cost carrier air wing. Add a pair of helicopters for good measure, and you have a bare basic but operational aircraft carrier that can project power and even be used as a diplomatic tool in the Gulf. So, at about 550 million to 600 million, you have a budget, pocket aircraft carrier that can support your naval strike force both defensively and offensively.
They can hunt incoming cruise missiles, conduct ASW (S-3 Viking type version) take out enemy helicopters and who knows? even enemy fighters, given how the early Harriers fought of much faster jets during the Falklands, this doesn't seem impossible. Particularly with A-Darters and HMDs.