Julan Du and Chenggang Xu analyzed the Chinese model in a 2005 paper to assess whether it represents a type of market socialism or capitalism. They concluded that China’s contemporary economic system represents a form of capitalism rather than market socialism because: (1) financial markets exist which permit private share ownership—a feature absent in the economic literature on market socialism; and (2) state profits are retained by enterprises rather than being distributed among the population in a social dividend or similar scheme, which are central features in most models of market socialism. Du and Xu concluded that China is not a market socialist economy, but an unstable form of capitalism.[18]

That’s from a Wikipedia. I’m not going to pretend to have a strong grasp on it but it’s state owned enterprises that function, essentially, as private (separate from government). That combined with production for profit > production for use makes it way more in the capitalist spectrum compared to Marxists ideology. Especially considering their human rights record.