PLA by far.
Reasons: PLA has the most successful track record in wars. For the majority of the dynasties, they were in a position of relative strength against the "barbarians" they were fighting, in terms of technology, manpower, and resources. Yet even then, most dynasties won only a portion of their wars. Compare that to the PLA, fighting against immensely superior forces like the KMT (victory), the Japanese Imperial Army (draw), the Americans in the Korean War (draw nominally, but considering the sheer lopsidedness of the forces, a victory for the Chinese, and the first one since the string of defeats going back to the 1800s), the Indians (victory), the Vietnamese (draw), and the Russians (draw). In most of these engagements, the PLA didn't have the superiority of technology, resources, and manpower that characterized the militaries of the dynasties, but it still prevailed. Tactically, the PLA achieved some of the greatest feats in the world, like the Long March, the offensive from the Yalu (resulting in the greatest retreat in U.S. military history), Xu Xiangqian's defeat of Yan Xishan in Shanxi, and the lopsided Chinese Civil War.
Reasons: PLA has the most successful track record in wars. For the majority of the dynasties, they were in a position of relative strength against the "barbarians" they were fighting, in terms of technology, manpower, and resources. Yet even then, most dynasties won only a portion of their wars. Compare that to the PLA, fighting against immensely superior forces like the KMT (victory), the Japanese Imperial Army (draw), the Americans in the Korean War (draw nominally, but considering the sheer lopsidedness of the forces, a victory for the Chinese, and the first one since the string of defeats going back to the 1800s), the Indians (victory), the Vietnamese (draw), and the Russians (draw). In most of these engagements, the PLA didn't have the superiority of technology, resources, and manpower that characterized the militaries of the dynasties, but it still prevailed. Tactically, the PLA achieved some of the greatest feats in the world, like the Long March, the offensive from the Yalu (resulting in the greatest retreat in U.S. military history), Xu Xiangqian's defeat of Yan Xishan in Shanxi, and the lopsided Chinese Civil War.