Yes! But Pakistan's armed forces are India centric. Pakistan will always try and play catch-up even though they know that we have two adversaries.
However, they do realise that in the event of war with Pakistan, India would have the potential capability of diverting its forces that are ranged against China, and take them on toward the West. It is a legitimate worry because, seriously, in the event of a war with Pakistan, the Chinese will never intervene to pose a threat to India. At most they would give lip service to Pakistan. And History is witness to this fact.
(It's all about the economy. Sino-Indian trade = $100 billion by 2015. Sino-Pak trade = $14 billion. So would China jeopardize trade with India for the sake of peanuts? Not a chance!)
So imagine. The huge juggernaut of Indian armed forces, the fourth strongest in the world, ranged against Pakistan. Never mind even if they consider the equation - 1 Pak soldier = 10 Yindoos!!