In real terms China is spending more than America is on military. The Chinese military budget doesn't need to cover healthcare or hundreds of military bases abroad. Nor is it riddled with corruption, sorry contractor outsourcing.
Who said the Chinese military doesn't pay for its troops' healthcare?
The US produces multiple times more F-35s than China produces J-20s annually. The US navy still outmasses China's by at least three times. China is still constructing its first proper carrier, the US has eleven. China doesn't have a single nuclear submarine with performance above mediocre to its name.
For this and many other reasons, if China is spending more than America in real terms then it still isn't enough. China has a lot of ground to make up.
The most important thing China needs is a strategic nuclear deterrent. For all we know that has already been achieved.
I don't huff copium about China having a vast and secret nuclear arsenal. The only arsenal that matters is the one your enemy thinks you have and if China has 1,000+ secret warheads somewhere, now would be a good time to announce their presence. Until then, it's Hans Kristensen's 350.