eventually it transitions to a chinese character
In simplified characters, which they use in the PRC, it is 中国. In traditional characters, which are used in Taiwan and Hong Kong, "China" is written as 中國. (Note: This assumes you are talking about the present day.
over time the flag and symbol will transition away from the socialist symbols made by europeans and use original Chinese ideas. Flag art will be voted on by a chinese democracy voting system ART contract