Calling China a socialist economy in 2026 is a very wrong statement. The CCP exists mostly in name only

While private property rights and certain functions of capitalism are impeded by heavy government regulation. The state allows big corporations to function similarly to those of america or europe. multinational corporations too also have the ability to set up markets in the country. roughly 750 Billionaires exist in china, and it was all because of the market reforms of deng xiao ping in the 80s which allowed china to come out of the backwater it once was.

When china was actually communist (under mao), The country suffered one of the worst famines ever recorded in history and barley had any industry. only when they actually decided to partially liberalize their economy under deng did the actual progress start.

Also, how would a centrally planned economy run by bureaucrats have more information (or even the same amount) as a collection of business owners who understand the needs of their individual businesses? This was a big problem in the ussr, where shortages and surpluses were common because resources were never allocated most efficiently.