More money = more manufecturing lines, more dockyards making warships.Not really. China does not need the same military budget as the USA because it does have as widespread of a military and it is not engaged in multiple wars.
Besides, even if you gave them more money, what would happen? In a lot of areas time is more important than money. It is not like money is a magical cure for all problems. The PLAN presently has a similar or higher naval build rate to the US Navy for example. The only exception is possibly in the carrier sector. But their main issue is still the technological deficit not the production rate. More money would not fix that problem.
Once China has developed leading edge weapons platforms then it will become sensible to build those at a high enough rate. Just look at the Type 052 program as an example. It took them several iterations to get something decent and once they had a viable platform in the Type 052D then they built that in significant numbers. I suspect the same will happen with the J-16 as can be seen by the yearly production of that platform. The J-20 still has a low production rate in comparison because the platform is not mature yet. So it does not make sense to manufacture it at a higher rate.
The laser and rail gun platforms, for example, will only be attained once the PLAN has ships with IEP. i.e. the fabled Type 052E and Type 055A.
There will always be new technology to explore, a higher budget won't stop them from doing that. It would help them transform prototypes and concepts into usable tools. The 002 being built now would apparently use IEP. These would be the largest IEP ships ever designed, lack of widespread IEP seems to be a prime example of budgetary constraints holding back the fleet's combat potential (through not by much, 055s have excess power due to large on board generators compared to similar ships)
Railgun itself is a cost cutting measure compared to expensive arsenal ship concepts.