Most Chinese equipment is junk.
The bulk of their fighters consist of '60s design j-6 copied from the mig-19. There are plans to junk most of these in the next few years. They do have a few advanced squadrons of Su-27s and Su-30s, but they are not fully equipped or trained. Besides, Chinese pilots get not more than 180-200 hours flying a year. The Indian Air Force gievs its pilots 230-280 hours of flying a year. Western countries little over 300.
Of their submarines, a large number are outdated ming and romeo subs which will be no match against the Taiwanese or Japanese navy. Plus they do not have an Aircraft carrier. They are some distance away from becoming a blue-water navy as well.
Their army, while it will look impressive going by numbers, is not all that great when ground realities are examined.
Firstly, most are poorly trained, illiterate peasants, who were conscripted keeping in mind human wave tactics. Such tactics fell flat against a small foe loke Vietnam in the 70s and will meet an even shorter end against a tank, artillery and air barrage. The Army is unable to attract the best coming out of China's universities, most of whom go to the burgeoning pvt. sector and MNCs.
Most of its armour is outdated. Roughly 70% are 50s vintage and the rest a mixture of 60s, 70s and 80s designs. IT does not have anything comparable to a M1A2 or a Leopard II and will have to depend heavily on Russia for tech.
The only way China can pose a serious threat is with its nukes, nuclear subs and ICBMs. In a conventional war, China will not last very long if it is the aggressor.