Yeah, China ain't how she was, PIA. But neither are we for that matter. As far as I know, the Chinese government is still committed to a socialist cause.
It's how they've organized their markets that makes them different from the western capitalist economies. How their monetary system works is another. I'm not advocating here, just mentioning that there are fundamental differences in how China has organized it's economy compared to ours. One of the reasons the president and his pay day loan style banks and hedge fund trade representatives want to change that right now.
For a more nuanced look at the Chinese economy and how it has been organized, you could do worse than listen at David Harvey, a Marxist economist. It's eye opening and he has credibility of the subject since he teaches in China for a semester or two every year.