Shift to markets, stringent capital controls, consolidation of massive state owned enterprises, encouragement of joint ventures between Chinese companies, western companies, and the government, lack of stringent IP laws/rights.

Some of the above is “capitalistic” and some of it is not. Commentators have been predicting China would continue to shift towards becoming more capitalist or fail for decades and they’ve been continuously proven wrong. China has developed a completely different model of development from the western consensus, but people still want to have their cake and eat it too.