Dragon is indeed cool. But Dr. Sun Yat Sen tried to build a modern China. Dragon belongs to other aspects of a modern China, I think, but not the overall representation. It would be like returning to the Qing dynasty.
I am proposing new answers to the questions of 'What is China'? It's not the Communist Party. 'What is a Chinese'? It's not [necessarily] a Han ethnic.
Or perhaps I can approach yellow this way: Since ancient times yellow has always been the sovereign color of the monarch, namely the emperor. And the main river of China is of course, the Yellow River. In the free and democratic modern China, the people are the sovereign of the nation. And so the color yellow represents both the people and the sovereignty of the people.