While China boasts 350 ships, compared to the US Navy's 293, the metric may only account for raw number of boats as "only" 130 of the PLAN's ships are major surface combatants. Along with the continued expansion of the PLAN, the CCG (Chinese Coast Guard) is also expanding and uparming and even China's nuclear forces will potentially be seeing a doubling of their budget in the future increasingly not only the number of warheads but expanded delivery systems and other associated technology and equipment.
There's a link to a PDF at the bottom of the article.
US DoD releases annual report on Chinese Military Power - Naval News
The Pentagon published its annual Report on Chinese Military Power on September 1st, detailing « staggering amounts of new military hardware » and a People’s Liberation Army Navy (PLAN) which is now the world's most powerful naval force.
www.navalnews.com
There's a link to a PDF at the bottom of the article.