'Socialism with Chinese characteristics consists of a path, a theory, a system and a culture.' wikipedia - they go on to say it has evolved since Deng.

Since Deng China has been a mixed economy with the state always maintaining the upper hand and the market providing huge growth.

So far it's success has been phenomenal.

The market got out of hand in the real estate sector but now is being reigned in. Western financiers will bear a large share of the cost- https://fortune.com/2024/02/08/evergrande-liquidation-99-percent-haircut-hedge-funds/

Limiting parasitic rentseeking market capture cartel behaviour by private interests is a legitimate state role as is providing infrastructure and inputs at cost to enable competitive advantage over other nations- China does all this- the west no longer does and so has lost competitive advantage, market share and trade surpluses to China. China has won the trade war.