I have been thinking about the limited improvement of 054B. Is it a problem? I think no, along with many here. It is a solid iterative improvement over 054A. It is a strong design competitive with the best world has to offer. Some frigates carry bigger missiles, but that is not going to make them superior to 054B at doing what a frigate should be doing. So the problem was never it is a bad ship, it just feels rather lacking of a leap by China standard.
It improves on 054A but how much value the improvement is in question. The radar system improved quite a bit, but ultimate how much it translate to effectiveness is in question. A battleship with twice the armor is not twice as good if it sink equally fast to a torpedo bomber. Will 054B's much better radar lead to much better effectiveness? Hard to say but maybe not. It is still almost as vulnerable to air strikes. The radar improved because the tech improved, and we update the existing design. This is very much a iterative improvement. Which is to say the goal was never to impress, but to just build a similar ship with current tech standard. Even though the ship look very different which may give impression of a leap like F-4 to F-15, it is more of equivalent to J-11 to J-16.
It looks like the Type-054B has AESA radars with steerable beams.
That should be a significant improvement, particularly against stealthy or sea skimming missiles.
If it also has additional electricity generation for future laser weapons, along with other minor improvements, I'm not sure there is anything else major you would want to add.
Reflecting on this reveals a fundamental issue of Chinese naval development:
China has caught up to west, the low effort catch up improvements are over. We can no longer expect leaps like in the past. Merely having similar design with updated tech will never impress us or change dynamic of naval warfare. There needs to be drastic innovation like in the air force. Like J-20 to J-36. This requires risk taking and innovation, something navy seem less interested in.
Because end of the day China do not have to risk innovate over enemy, it is happy to just scale up its undersized navy. Why risk delaying a program with ambitious undertaking when number is still the priority? China is the biggest trading nation. It deserves the a navy as large as its share of global maritime trade. With that in mind, the current navy is tiny. Impressive looking yes, but severely undersized. And this may be why they care less about one upping the opponents, scaling up number at comparable quality remain the priority. I am afraid we have to dial down our expectations in general from now on.
The Type-054A cost around $300? Million
If the Type-054B costs a bit more, that is still really affordable for what you get, so they can continuing producing them in large numbers.