We need to build at a steady, but sustainable pace. Soviet Union collapsed on itself because it overextended itself on military spending, which its economy could not properly support. Time is on China's side as its economic strength is set to surpass US sooner or later. That is the reason why Americans have been busy trying to set fires in Asia. The leadership needs to keep calm and not fall into the nationalism trap. Only strike when you're ready, not because you feel compelled to.
Given China's shipbuilding capacity, completing two destroyers, three diesel subs and five frigates per year are completely reasonable. I also think we should build at least one SSBN and SSN every year, plus a carrier every 5 years.