China’s economic system is called authoritarian capitalism.

Under the colonial model, China exported a great deal of its wealth overseas. Post-WW2, they have domesticated their wealth and accumulated capital/infrastructure for the benefit of the local working population. This transition, from colonial expropriation to domestic social development, is a crucial stepping stone towards the Socialist mode of production.

Also, please don’t call China “socialist.” It’s offensive

eye-roll

China’s economic system is called authoritarian capitalism. It has more billionaires than the United States.

Please read China Has Billionaires. Nobody believes China to have achieved full socialization, but it does have strong central planning.

Also, please don’t call China “socialist.” It’s offensive and feeds into the false right-wing narrative that socialism is fascistic.

What is Socialism, and what is Fascism, in your eyes? You don't appear to be working off of Marxism with respect to Socialism, and you don't appear to be working off of Ur-Fascism for your point on fascism.