Found a news, which "calrifies" another news. It is circulated at Chinese forums, so I didn't quote it, anyone interesting enough, you should be able to search it in Chinese.
There were rumors saying for the sake of "modernisation", PLA is going to further deduct her man-strength a quantity of 800K (to dedcuct). A simple math would be: 2.3million - 800K, you got 1.5million man-strength of "very modernized" PLA.
Later, people in CMC comes out and clarify: There is NO SUCH THING! Rumor is just a rumor. The current PLA strength, is capable, enough, and "exactly needed", to defend China's national security and national interests.
2.3M sounds huge, but actually there is only 1.7 active soldier per 1,000 population, other countries have got much higher number, for instance the USA is 5.1 and the UK is 2.9. For some other countries the number is much worse, Taiwan is 12.6 and Israel is the extreme one, 24.4
I believe 2.3M is about right for China with huge land and borders, but it could go down a little bit more, perhaps 2M, but no less than that.
China's defense budget soon will rise to around $200B, and it will represent spending of approximately US$100K per soldier/year, it should be very very modern armed forces, second to none but the USA