China's navy has a way to go before being global threat with a blue water navy, as Strategypage rightly notes:
To get one requires not just experienced sailors, but support ships. These are the tankers, supply and maintenance ships that can keep warships operational when they are far from China. When China starts investing in a lot of these, you will know the Chinese are getting serious.
China also has some more fundamental needs. For example, China has never demonstrated any talent, or enthusiasm for anti-submarine warfare. Considering the number of nuclear and conventional subs arrayed against it, anti-submarine warfare should have higher priority in China. Another serious shortcoming is mine-clearing capability.
Yet China doesn't have to go around the globe to reach objectives that would increase Chinese power and prestige. Russia, South Korea, Japan, Taiwan, Vietnam, the South China Sea, and India are all close by. As I've written:
In World War II, neither Japan nor Germany (and certainly not Italy) were global powers. Yet they were threatening enough, were they not? Get over the idea that a threat is only a threat if it can reach St. Louis. And really, if the Chinese get their way within 500 miles of China against our allies, the impact will reach St. Louis.
Perspective is great to avoid panic. Context is just as important to avoid complacency.