Seems this question has also been addressed by various economists & historians.  And they are saying that China has embraced the Capitalistic model, departing away from its earlier strict communism. 

Washington Examiner article titled: China's success is a story of capitalism eradicating poverty  Aug 12, 2019

An excerpt:  "China gave birth to several products that helped change the course of history, such as gunpowder, the compass, and paper money. But its greatest gift to the world has been something different: Setting an example of how capitalist economic policies can help liberate hundreds of millions of people from a life lived in bare subsistence poverty."

Forbes: China's Economic Success Proves the Power of Capitalism,  Jul 8, 2019  

Epoch Times : Capitalism With Chinese Characteristics: From Socialism to Capitalism  July 2016  

And the roots of this switch dates back decades ago. Deng Xiaoping came into power in the late 1970's.  He abandoned many orthodox communist doctrines and led China's changes into the free-enterprise system.

Another excerpt:  "Maoist red China completely eliminated private ownership, and the majority of capital assets were taken away from the people. At that time, other than political privileges, the CCP’s ruling elite and the “red second generation” did not own or inherit any businesses or property from their ancestors.

"But beginning with the Deng Xiaoping era, the red regime and the capitalist economic system joined hands. Not only did the CCP allow the development of capitalism, the Communist Party elite itself turned into China’s richest and most powerful capitalists."

Sounds somewhat like there's "Crony Capitalism" going on.

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