Despite the awkward title, this report on the history and future of the Chinese Navy from the Office of Naval Intelligence is a must read. From the executive summary of A Modern Navy with Chinese Characteristics:

Over the past decade, the People's Republic of China (PRC) has carried out an impressive military modernization effort, providing the People's Liberation Army Navy PLA(N) considerable technological capabilities. Recognizing that it takes more than technology to create a capable navy, China has also actively pursued the modernization of its doctrine, organization, and training with the ultimate goal of developing a professional force. While much work remains, trends in recent years indicate the PLA(N) is beginning to operationalize its modern force, taking on new and more challenging missions.

In response to expanding national interests and revolutionary changes in warfare brought about by long-range precision weaponry, civilian leadership in Beijing began to view the navy as an increasingly critical component of China's national security structure. To support Beijing's objectives regarding Taiwan, to deny an adversary access to the region during times of crisis, and to protect China's vital sea lines of communication, naval power became the key to China's security concerns. In the late 1990s, Beijing embarked on a program to build a modern navy in a relatively short time. Since the late 1990s, the PLA(N) has purchased military hardware from abroad, built increasingly complex naval platforms in China and made substantial upgrades to aging ships.

At 50 plus pages, its a bit of a read, but well worth it. Grab the libation of your choice and enjoy.