China Naval Modernization: Implications for U.S. Navy Capabilities--Background and Issues for Congress [Updated March 9, 2021] [open pdf - 2MB]
From the Summary: "In an era of renewed great power competition, China's military modernization effort, including its naval modernization effort, has become the top focus of U.S. defense planning and budgeting. China's navy, which China has been steadily modernizing for more than 25 years, since the early to mid-1990s, has become a formidable military force within China's near-seas region, and it is conducting a growing number of operations in more-distant waters, including the broader waters of the Western Pacific, the Indian Ocean, and waters around Europe. [...] The U.S. Navy in recent years has taken a number of actions to counter China's naval modernization effort. Among other things, the U.S. Navy has shifted a greater percentage of its fleet to the Pacific; assigned its most-capable new ships and aircraft and its best personnel to the Pacific; maintained or increased general presence operations, training and developmental exercises, and engagement and cooperation with allied and other navies in the Indo-Pacific; increased the planned future size of the Navy; initiated, increased, or accelerated numerous programs for developing new military technologies and acquiring new ships, aircraft, unmanned vehicles, and weapons; begun development of new operational concepts [...] for countering Chinese maritime A2/AD forces; and signaled that the Navy in coming years will shift to a more-distributed fleet architecture[.] [...] The issue for Congress is whether the U.S. Navy is responding appropriately to China's naval modernization effort."
CRS Report for Congress, RL33153
Congressional Research Service: https://crsreports.congress.gov/