China isn't a nation state. It's a huge corporation. China Inc. Everything that goes in there is to some extent owned by the Chinese state. We all agree that the Chinese state is governed by one political party, entrance into which is not open and elections within which are neither open nor transparent to the Chinese public, therefore relatively close to a managerial structure with a top layer (government) functioning similar to a board.

It is capitalism. They're just better and bigger than all the other capitalists, and happen to own a lot of real estate.