Memes

Plus, China has billionaires. Any truly non-capitalistic country wouldn’t have ~~ billionaires~~ oligarchs. Nor would they have factory workers working for 75 hours per week.

I would define a transition from capitalism to socialism as
Merchants & lawyers out of power
and engineers (laborers) & academics into power,
which is what China has.
The US isn't failing true capitalism while still secretly being feudalistic,
just because land lords and TV evangelists exist,
while George Bush Jr, eldest son of George Bush Senior, became leader of the land in 2000.
China just had a capitalistic phase due to Deng's reforms,
just like the US had a socialist phase due to Roosevelt's reforms.
Both of those did not last, because ultimately those in power are
socialist for China (engineers & academics)
and capitalist for the US (merchants & lawyers).
The capitalist phase is already waning under Xi,
just like the socialist phase did under Nixon did for the US.

Considering that China is known for its heavy censorship and is in good cahoots with Russia, it isn’t racist to be suspicious.

Lol. Do you really use such language with your own nation?
If not, you are selective and that begs the question as to why
and what pattern would emerge out of what you are selective to.
I highly doubt you ever said something along the lines of
"The EU/UK is in good cahoots with the US",
despite the fact that EU NATO chief Rutte openly called Trump "daddy".
I don't see Putin doing that with Xi. Putin is not even running
a socialist country.
And Putin talks about a multipolar world in which Russia is one of those poles.