Depends how inferior. If the Chinese can churn out in quantity kit of late Cold War quality at the very least (we know they have far shinier toys than that), then they remain a dangerous opponent.Numbers dint matter if the equipment is inferior.
Right now America remains the military superior of China, but China has the luxury of being able to concentrate its might to a local area. The United States meanwhile has its forces deployed across the globe to defend its hegemony. Attaining parity with the US Pacific Fleet is a thing China could do given enough time, and that is a worry.