The "China Peace flag":
I idly dreamed this up while lying awake in the wee hours a few nights ago. The current flag of China (like the flags of Vietnam and the former Soviet Union) is a pure Communist banner, which symbolizes only Communism and nothing else except Communism -- and so basically completely ignores all aspects of Chinese history, culture, and nationhood other than the triumphal march of Communism. I think that by now the Peking authorities should be sufficiently mature to acknowledge non-Communist symbols of China's history (especially if they wish to accomplish a peaceful conciliation with Taiwan), considering that China's overall unification is now solidly established, and China is no longer a pure Communist society, and will not be one for the forseeable future. (It was slightly pathetic that when China issued several large coins in honor of the 120th anniversary of Sun Yat Sen's birth in 1986, the Chinese authorities didn't dare include any of the symbols associated with Sun Yat Sen's nation-building efforts on any of the coins.) So keeping in mind that the twelve-rayed sun is a symbol devised by Sun Yat Sen (not Chang Kai Shek), I came up with the "China Peace flag" shown here, which includes all of the main national Chinese vexillological symbols of the 20th century. The basic layout and some of the color-choices were intended to make reference to the five-striped horizontal red-yellow-blue-white-black Chinese flag of 1912. The five yellow stars (arranged as an arc from a 24-star circle) are all equal, to symbolize hopes of democracy (while the one large star and four small stars on the current Chinese flag effectively symbolize Communist autocratic centralism). The dragon shown here was taken from the flag of Bhutan, and so would presumably need some artistic touching-up to be part of a real Chinese flag.
You can say whatever you like about the unrealistic and naive politics of this proposed flag, but at least this flag is interesting and actually about China (while the current Chinese flag is boring, and about communism).
A PDF version of the "China Peace flag" is also available