In 1965, citing "bourgeois influence", Mao had abolished military ranks of the PLA. Thus we get the uniforms with the rather plain-looking uniforms.
But supposedly Mao was persuaded that abolishing military ranks was a bad idea and not appropriate for a large army like China's.
What could the insignias look like?
My take is that Mao will move away from Soviet influence. The PLA 65 uniform was enacted, but with the rank insignia remaining. The Russian-style insignia on the shoulder boards was done away with, with the collar insignias being the sole badges of rank. Otherwise, it was the same as the regular 1965-era uniform.
The second take is that they adopt a shoulder board similar to Vietnam and modern China today.
The third take is a highly unusual one: go German. Especially East German. The Chinese may be more favorable to the Germans so they adopt the shoulder knot for their uniforms. The difference is that the five-pointed star is still used.
Now, what do you think of this idea?