Your analysis is accurate.
China military fans have observed Russia military reform since 2000s, I started to watch Russia military reform since 2010s.
China started military reform later than Russia, but relatively more successful. Russia tried several times to reform, back and forth, and now we knew it failed.
In China, we call Russia military reform as 1/2 reform, it only reformed the outside, but not inside. War and Military is an expertise, a highly specialized technique and requires a well functional organization, as well as huge resource.
China military reform actually learn from U.S. more than Russia. As you can see, China's military doctrine, equipment are more and more like U.S. instead of Russia.
If Ukraine got all the resources they needed from the very beginning, this war can be 10X more bloody and nasty.
China without a doubt can do better when it comes to hardware production. Electronics is especially easy for us vs. the rest of the world. Our PGMs are like 10 times cheaper than American ones.
Average vehicle life in PLA first line units went from 30+ to 20 years. The worst of nineties era hardware has already been sent to smelter.
PLA is still a very light force relative to its size. Compact, and efficient core force, but everything else is so so.
The state of our sub fleet, and airforce is what people in circles are now whispering about.