I firmly believe that the Chinese equipment isn't primarily intended to fight a near-peer fight against western forces. To deter them? Absolutely, but the Chinese have a long term plan, and going head to head with the US, or Russia, or Japan isn't in that plan. The new generation of Chinese weapons is going to be used the same place the last generation of Russian and US weapons has been used: the Third World. Either by Chinese clients, or directly by Chinese forces fighting to prop up those clients and protect strategic interests like trade and raw materials.
Is there a lesson in there for the west? Should we be acquiring weapons primarily for short skirmishes and extended quagmires in the Third World, with peer-on-peer capability being a secondary concern? During our next Libya, do we need F-35, or would we be better off with lots of F-15 Strike Eagles?