I agree fully with your general point that basically speaking, China is no longer communist except in name. So I don't mean to quibble. But it's not just several billionaires in China, to wit:
According to an article I saw the other day, China now has several hundred billionaires -- already something like 1/5th of the world total, with the number likely to continue rising.
Thanks, I wasn’t aware of that.
China has millennia of history of government officials getting involved in truly astonishing corruption, as in entire armies, 100,000 men or more, dying of starvation because somebody embezzled the money that was supposed to pay for their food.
Since the Party seems to have gotten rid of its equivalent of the Emperor, who would occasionally prune back the most spectacular exampled of corruption, there does not now seem to be any check at all on Party members’ stealing.
Historically, the Mandate of Heaven deserts a dynasty (or a Party) when it gets to this point.