The Chinese system is hyper conservative, essentially fascist, it’s not actually socialist in any way, shape or form. It’s also hyper capitalist, with minimal regulation or consumer rights. The top levels of the ‘communist’ party is now packed with billionaires. What regulation there is, is mostly aimed at maintaining party control and prestige.

Both unchecked conservatism and unchecked socialism are toxic. Unchecked anything is toxic. That’s human nature, yet (to simplify massively) we still need both conservative and socialist elements in a balanced society.