I think a case could have been made in the past, but I think it is pretty clear it is not capitalist based on the fact that:
- they execute corrupt businessmen and such, open hostility and control of major corporative class members.
- State-owned Enterprises(SOEs) are a huge part of the economy. These enterprises exist as an arm of the state and function within the global capitalist ideological context. I firmly believe that if SOEs existed without a corporative or business structure, and strictly as a nationalized corporation, they would be subject to major sanctions by the imperial core.
- their major achievements in social equity, and eradicating extreme poverty.
- The open eradication of huge sectors like the private tutoring business which was pretty much abolished overnight because it was considered exploitative of parents and children.
Conclusion: China has had to adopt capitalist structures in order to survive within a world that would have ruthlessly crushed it otherwise. To that extent, China has consistently used such structures in a practical purpose and has not shown signs of wavering in any sense away from socialism. In fact, China has been enhancing socialist structures of economic control and political practice. Even going so far as to encourage the development of Marxist parties and theory around the world. Therefore it is not capitalist. I would argue that their development is an existential threat to capitalist ideology as a brutal and outdated form of organizing society, governments and economies.
I forgot to add that this is what I have observed and studied as an outsider. Please feel free to correct me or add any details that I have missed. I also forgot to mention that their 95% approval rate of the CPC is consistent with the idea that the party should serve the people and not the bourgeoisie. A fact that is in firm alignment with Marxist and Leninist principles.
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