[SauronOfMordor]

China is no longer a communist nation. To put it in their own words, they are "Socialist with Chinese characteristics".

More accurately, they've graduated from communism to national socialism (the term "Nazi" was a contraction of "National Socialist German Workers Party"). The people who are wealthy necessarily must have ties to the ruling communist elite, and over time the wealthy class and the communist elite will merge into oligarchy.

This merging is necessary -- you only "own" property if you have the means of defending it (either personally, or thru the use of the state's police powers). If the ruling elite cannot arbitrarily confiscate your property, then that means there are limits on their power. This would lead to the wealthy being in a position to have a say in how things are run. The ruling old men cannot tolerate that, however much some degree of liberalization would benefit their economy

[Enemy Of The State]

I agree with your thoughts. However, I also found your following statement to be ironic:

"you only "own" property if you have the means of defending it "

The same could be said here in the United States. Though we work our entire lives to purchase a home and property to put it on, it doesn't really belong to us. Try not paying your taxes and see what happens!