China adds about as many new billionaires per year as the US. Which is obviously fewer per capita since it's a bigger country, but the healthy amount is zero, especially for a supposedly communist country.

The truth is, it's about as capitalist as most western countries. The only major country that's worse is the US, which is a special kind of shitty. When it comes to workers rights, the Chinese have it worse than most western countries (US being a notable exception). The five year plans are of course great for things like infrastructure though. They get to prioritize government spending in areas where it's most beneficial. But that doesn't mean the government always has the worker's back. Saving face is incredibly important in some Asian cultures and China knows a lot about saving face. If there's something bad happening and it's possible to sweep it under the rug to protect the economy and corporations, they will do it. Hell, they've protected TESLA from common people. A foreign company. Think of what they'll do for local megacorporations.