Really depends on where he is hit, by what kind of bullet and if he was armored.
NATO troops have reported numerous incidents in Iraq and 'stan where standard 5.56mm rounds made good hits in 'critical' areas like the chest, but with little effect because of over-penetration. This was also experienced by the Japanese during WWII.
The standard Chinese 5.8mm was about on par with the NATO 5.56mm in tests against ballistic soap and livestock, and the sniper 5.8mm round, the 5.8×42mm DBP-88 'heavy' round has more charge to give it a greater range, but this also increases the chances of over-penetration when it hits naked flesh.
The Chinese have put armor penetration as a higher priority than wounding characteristics in the 5.8mm, and ironically, you may actually have a better chance of surviving without your body armor compared to if you worn it, especially at close ranges.
Incidently, I think the NATO 5.56mm also shares this characteristic with the 5.8mm, which may be one of the reasons why the PLA seems to be so slow in equipping it's soldiers with body armor even though China is now one of the world's biggest manufactures of the stuff.
Chinese infantry are almost all mechanized now, especially the core combat divisions. So their IFVs will protect them against small arms fire until they are ready to disembark, which will probably be in the 100-200m range if not lower. At such close range, the odds of body armor stopping a burst from 5.56mm or 5.8mm is on the low side, and indeed, if you were hit and the rounds penetrated your body armor, chances are you will suffer far more serious injuries as the small cal rounds would have deformed and/or tumbled after penetrating the armor to cause far more damage than if they went straight through. In addition, the added weight and bulk of the armor would slow you down and reduce your flexibility and mobility, making it more likely that you will be hit.
So against opponents skill using AKs, body armor would be a massive plus, but if you are facing opponents with 5.56mm rounds, you should either equip your guys with top of the range stuff, or not bother at all if all you have are mid-range armor. But I digress...