Another option is to further increase the chamber pressure of the 5.8mm round along with new propellants, case, and tungsten core bullet. The result could be a 77 grain ammo with an muzzle velocity of 1030mps (mach 3). I totally see China capable to doing this en mass, but that would require the development of a whole new family of assault rifles and SAWs and would unlikely to replace both QBZ-191 and QBZ-95 until well after 2030 (when 6.8mm would become the new standard NATO round).
Nonetheless I totally see 5.8mm caliber being the standard PLA round well unto 2040s, even 2050s. The only question when would the PLA fully retire the Tsarist Russian 7.62x54R (serious, why on Earth did the USSR and China stick to an old rimmed cartridge?).
Didn't China switch over to 7.62x51 NATO for the their latest GPMG and sniper?
Don't know about bullet but a polymer cased round could be a improvement before 2030. Polymer could be the same 5.8x42 in polymer original a specialized case.
Something like this: