You seem to disregard the Navy's attack submarine fleet.
In addition what weapon system does China have other than ballistic missles that can reach Australia, and Guam from mainland China.
As far as your opinion that China does not built up any long range attack forec or invasion capacity, I do beleive you are a little navie or misinformed.
The below articles are a little out of date,2019, but give a good overview of China's blue water Navy desires.
Defence Connect
China building a powerful blue water navy
Those links largely confirm my contention that China is building up its forces to control/defend its sphere of interest . Which with the advent of their Belt and Road imitative, covers an area right through the the south China sea to Indian ocean to the middle east. and down the east coast of Africa. This area Was previously the hegemony of the USA. but is now seriously in contention. America has lost both the Construction ability and the where with all, to fund and to keep pace with the growth of China's sea power.
America no longer has the shipbuilding capacity, skilled work force or the supplies of the necessary steel to build ships at anything like the rate China is currently doing.
Americas allies are in a similar parlous state. and most rely on China for their bulk finish materials.
However though Australia have almost unlimited supplies of coal and Iron ore, with China as their far largest customer. China has reduced their reliance on them for raw materials over the last few years. Possibly to reduce the strategic threat of over reliance.
China has shown little interest in becoming a direct threat to the territories of either Europe or the United states. however it is seen a a threat by India and Australia. It has large developmental interests through out Africa and the middle east which it will continue to grow and defend.
The only other continent where it could extend its interest in development, is South America, though these would be more difficult to defend. and it would take a major turn in their military policies to bring in to the mix.
Though if South America is part of a long tern plan, one can only expect China to do what ever is necessary to support it.
What is certain, is that it will not allow America to stand in its way.
With in five to seven Years China will replace The USA as the words major strategic power. This will follow soon after China becomes the worlds major industrial and commercial super power.
It might already be the major nuclear power, no one seems to know.
China already has by far the worlds largest Submarine fleet, though has fewer nuclear submarines. non nuclear, are far quicker to replace due to losses during hostilities.
