It's very useful for ASW in China's backyard.The success of the 056 in exports to Bangladesh, Nigeria and Algeria shows that it is really a good cheap, balanced option. It's not loaded to the top with missiles but has a good bit of everything.
However I'm of the opinion that the PLA should stop building ships of this weight class altogether. They're really not that survivable in a conflict with the USN. Minimum size should be around the 054A