As of 2017, the People's Republic of China has more state-owned enterprises (SOEs) than any other country, and the most SOEs among large national companies. As of the end of 2019, China's SOEs represented 4.5% of the global economy and the total assets of all China's SOEs, including those operating in the financial sector, reached US$78.08 trillion
State-owned enterprises accounted for over 60% of China's market capitalization in 2019
SOEs continue to support stability through providing employment and maintaining low prices for key economic inputs. SOEs spend much of their investment on infrastructure development in China's less developed interior provinces, and therefore also perform a redistributive role.
SOEs have monopolies in the industries of telecommunications, military equipment, railroads, tobacco, petroleum, and electric power. SOEs have a primary role in China's energy sector.
Most Chinese universities are SOEs.
SOEs are important to major government initiatives including the targeted poverty alleviation campaign, Made in China 2025, and the Belt and Road Initiative. China's SOEs are at the forefront of global seaport construction, and most new ports built by them are part of the BRI. State-owned banks are important sources of funding for port construction.
In addition to their own operations, SOEs invest in private enterprises. From the perspective of these private enterprises, this form of partial state ownership is helpful in obtaining financing from banks, particularly as prompts banks to require less collateral. Sometimes in investing in private enterprises, SOEs acquire enough shares to nationalize them. Over the period 2018–2020, 109 publicly traded enterprises with more than $100 billion in collective total assets were nationalized in this way
TLDR: The most important parts of the Chinese economy are fully state owned and many less important parts partly state owned. This allows the Chinese state to insure that the peoples' hard needs are met while allowing market forces to direct the distribution of soft needs. This is something the USSR really struggled to do and led to a fetishization of western material culture. Markets existed before capitalism and they will likely exist after, there is just no reason for them to be the basis of social organization.
You should start reading their 5-year plans and comparing it to where they are 5 years from that plan. They are open about their intentions and typically exceed their goals.
They are pushing for a less market driven economy as we speak and regularly treat their bourgeois in a way that indicates the ruling class is not capitalist.