It’s tiresome to debate labels, so I observe: China’s economic development has been inclusive. Almost everyone has benefited enormously. But clearly, capitalists (the people who own the capital stock & mostly get to keep the returns) are still the primary economic beneficiaries

Now, private ownership of the business sector has been rising but is still less than public ownership. However perhaps ~70% of China’s GDP is generated outside the state sector. The private business sector just grows faster.

Likewise employment is overwhelmingly in the private sector.

Inevitably, people will say this understates public ownership/control, because there are local governments with joint ventures, with shares of private companies, state-appointed directors on corporate boards, etc. etc. etc. etc.

Yes, ultimately the CCP controls everything. But the fact remains: the biggest beneficiaries of Chinese development are still the private owners.

On a per capita basis, China has about as many billionaires as Chile, Brazil, or Mexico. Even if the Chinese billionaires are subordinate to the CCP. It’s a strange kind of socialism to possess the world’s 2nd largest collection of billionaires.

Labels are tiresome, but if one must absolutely necessarily be compelled on pain of death to choose a label, then probably Branko Milanovic's 'political capitalism' (in opposition to 'liberal capitalism') is as good as any.