Just because China lost some wars in the past, it doesn't automatically mean it will loose future wars.
Of course it does not, but you can obviously argue that tactics are vastly more important than numbers... otherwise there is no way Japan or Germany could have occupied most of asia and europe respectively during WWII.
If Russia had a fleet 100 times larger than it has now then that would not make it more effective or more powerful... what it would do is make it bankrupt to build and operate such a bloated force.
Production numbers for China are not the only factor to consider.
A conflict between Russia and China is almost impossible... they are far more sensible than that and neither views military force as a first or second option to solve their international problems.
America on the other hand thinks regime change is a legitimate and legal option but only for them.
A growing Chinese navy will enable them to spread their influence and support their efforts around the world.
The west has been exploiting africa and central and south america for a couple of centuries now, but have done little to improve infrastructure and development.
China has been investing and actually helping african countries to develop. Trade where both partners profit and develop. A better developed africa and central and south america is a good thing for the world, but the west does not like that idea. They love their first, second and third world model and want that to remain... so eventually they are going to have to challenge China... China will need a decent navy when that happens... and I think their best chance of having a decent navy is cooperation with Russia... they already deploy a lot of Russian designed technology anyway, and Russian navy tactics and systems are designed to face NATO type threats.
I have said before if pure numbers are what it is all about the Russians could easily pump out hundreds of 1980s technology ships, but what would be the point?
They already have such vessels in reserve... a quick overhaul and they could be operating, but they want better than that.
China is just producing what it can and there is nothing wrong with that, but one on one you can't really compare them.