Here’s a breakdown:

1. Projection of Power (Signaling, Influence, Deterrence):

• Symbolism: China’s rapid naval expansion (aircraft carriers, destroyers, new bases in the South China Sea, Djibouti, etc.) is as much about being seen as a global power as it is about readiness for war.

• Deterrence and Prestige: Like the U.S. once did with its carriers, China is showing neighbors and rivals (especially the U.S. and regional allies) that it can’t be easily coerced. Much of this buildup reinforces Beijing’s claims over Taiwan and the South China Sea.

• Psychological & Diplomatic Leverage: Military parades, missile tests, and showcasing hypersonics serve political purposes, often aimed at influencing negotiations or deterring intervention.

2. Actual Battlefield Readiness (Capability, Training, Logistics):

• Strengths: China has fielded vast missile forces, a modernizing navy with the world’s largest fleet by hull count, growing cyber/space capabilities, and the world’s biggest standing army. Its anti-access/area denial (A2/AD) systems around Taiwan and the South China Sea are designed to complicate U.S. intervention.

• Weaknesses: But readiness is uneven. China lacks real combat experience (last fought a major war in 1979 vs Vietnam). Logistics for sustained operations, joint command structures, and carrier aviation are still developing. Training often emphasizes scripted exercises.

• Transition Phase: China is in the midst of trying to transform a huge but outdated force into a modern, high-tech, professional military. Some parts (like missile forces, cyber, drones) are world-class. Others (like carriers, amphibious operations, long-range logistics) remain experimental.

3. The Balance:

• For now, China’s buildup is both — a tool for projecting power, intimidating rivals, and building global prestige while racing to catch up in actual warfighting readiness.

• In its neighborhood (Taiwan Strait, South China Sea, East China Sea), China already has credible battlefield capabilities. But on a global scale, it still lags far behind the U.S. in sustained power projection and combat-tested readiness.

 So the short answer: China’s buildup is heavily about projecting power and shaping perceptions, but with a serious undercurrent of building actual battlefield capability — especially focused on near-term regional conflicts like Taiwan, rather than distant global wars.