Answer by Chun Kai Lau:
Why so many foreigners(some Chinese people also) would really buy into such a wordplay is beyond me.
Socialism, or more broadly speaking, Marxism and other bullshits are the Holy Roman Empire in the 21th century. The Chinese Communist Party (I bet you could ever find a more ironic name for any political entity on our planet) is not at all communist but its name, likewise the modern China you're referring to is probably the farthest away you can get from socialism.
( [为人民币服务 At the service of Renminbi] is a parody of a famous motto of the CCP [为人民服务 At the service of people]. Nowadays it's becoming less of a parody I guess?)
An excruciatingly high Gini coefficient, a highly volatile stock market, together with a thriving league of billionaires are hardly the characteristics of socialism. State monopoly of means of productions is in history only. If you must find a description for the current social-economic model of the PRC, crony capitalism is a much better fit.
The CCP, in order to unite its disenfranchised subjects under its belly, just takes advantage of the residual values of the *isms, which are the founding myth of the PRC. The founding deities Mao Zedong and Dr. Sun are revered for similar reasons.
But I believe there'll never be in lack of people being fooled by this name scam, until a Napoleon comes to the dissolution of this Neo-HRE.