Doesn't matter, there's massive political upheaval right now. We are potentially foreseeing the end of American power, and Trump's line has been to try to take down China to preserve the American world system when the Europeans are already deserting because of his unilateralism and fascism.I see it as unlikely for China to drastically increase official military spending as a percentage of gdp beyond 2% for the foreseeable future and without a major war. This is because i think China will still follow the policy of making fast iterations to progress technologically rather than focus on building up a large amount of military assets.
Note that this year, the Chinese cut all government budgets except for the military one, expanding military funding by 6%, which when GDP growth and inflation are factored in, exceed GDP growth parity.
The main problem with Chinese military spending boosts right now, though, is that the tech isn't ready. I wouldn't consider the J-20 adequate for its role; i.e, it'd need to be able to reliably 2:1 F-35s when the stealth paradigm seems to favor IR stealth and large weapons payloads, something the F-35 has and the J-20 apparently lacks.
In most other technologies, China would have a half generation gap between itself and the United States, and the US is beginning to drive up its military R&D complex with powerful next / next-half generation equipment.
The implication is that if China were to attempt to seek military parity with the United States, even in East Asia, it would have to spend a lot more since it'd have to buy either larger platforms (J-20 vs F-35), buy equipment in more numerous set-ups (no real example), or seek asymmetric technological advantages (Chinese anti-ship ballistic missiles).
But the question is still, does China still have a choice as to whether to focus on economy and technological development, or is it now or never? In the latter case, even if China has to spend more to obtain or maintain military parity with the United States, it must act just to maintain its strategic position.