Technology

China is actually a socialist democratic state, that is the political doctrine, their party was formed by marxists and communists but this applies to all current socialist states when looking at the origins of their governing bodies and the creation of those states. For the economic doctrine, they just really used their head and created a very well executed model that is relatively new in economy.

It's usually called a social market economy and it uses the best traits capitalism can offer for growth and scale whilst containing it so it remains innovative and improves the economic situation of it's citizens. It's well secured to not allow internal corruption (see what happened when Jack Ma thought he was as polically powerful as US billionaires) and structures like state councils to approve or refuse mergers if they deem it attempts at building monopolies. Wether it will fail or not, all economic models have always had one thing in common; they are born, change through time, evolve and die eventually. That is their only common trait aside from their fundamental nature in being ideological systems to manage ressources. Capitalism may die within the next 100 years if the trends of what has happened in the last 20 years keep themselves up but yeah, it should not be dismissed because of the historical chinese/western frictions.