Economically China is one of the most capitalist societies on earth; it is the social fabric, not the economy, that is socialist.

Economist specialising in China's economy

I’ve rarely seen a more capitalist society than China, from the pure economic side. I’ve rarely seen companies that are as competitive as Chinese companies. People as ambitious and obsessed with making money as Chinese people. Kind of ruthless actually. And look, consumers shop, firms invest. If you invest well financially, you’ll get great returns. What is not capitalistic about the Chinese economy? At the same time, the social fabric is highly socialist.