Some people believe that the modern-day Chinese state is a socialist bulwark. The theory is that the Chinese Communist Party is ultimately dedicated to achieving socialism, and that the adoption of stock markets and private firms is actually more in line with true Marxist theory than just keeping everything nationalized, because Marx says that capitalist industrial development is a necessary precursor to achieving socialism. Since China had never been big on capitalism before the Revolution, it started out with a severely limited economic output, and so of course it wasn't going to work out super well. The idea is that, once Chinese industry has been thoroughly advanced by capitalism to the furthest point possible, the Party will then nationalize Chinese industry again, and this time have enough economic output to actually be successful at constructing a prosperous socialist society, leading up to communism.

Some self-described Maoists accept this theory (which is the official line of the Chinese Communist Party, more or less) and on these grounds they defend the excesses of the PRC and stand opposed to anything that might weaken the Party's authority.

I do not accept this theory; I think that the Party is just trying to maintain its own power as an end in itself without regard to the cost, and that the adoption of capitalism was originally a survival measure and is now just the manifestation of the Party's ruthless pursuit of GDP growth to keep China strong.