China is nominally Communist but in practice operates like a capitalist country.
The Communist Party now happily accepts the accession of the growing rich in its ranks.
China’s strategy is no different than Lenin’s strategy when he launched the NEP. He aimed to buy the rope from the west which he would “hang” us with. With Western support, believing that Russia was liberalizing, Russia was industrialized. This is China’s purpose as well, but not just to modernize, but to wage economic war on us as well when the time comes.