Answer by Scott Mauldin:
China has not been a socialist country for many decades, namely since Deng Xiaoping (邓小平) launched Reform and Opening (改革开放) in the 1970s. The Chinese Communist Party remains in power, but is only communist in name – China's economic system today is best known as State Capitalism (, 国家资本主义). Indeed, China today has very bad wealth inequality, i.e. the poor are very poor and the rich are very rich, the opposite of what one would expect to find in the case of a truly socialist or communist system. Indeed it is by turning its back on the destructive social experiments under Mao (such as the Great Leap Forward or Great Proletarian Cultural Revolution, which brought chaos, misery, and poverty to the country) and embracing and attracting personal enterprise and foreign investment that China today has become a powerful global player.