You might want to consider reading China Has Billionaires. Nobody will tell you the PRC is fully socialized, it in fact does have large amounts of Capitalistic production. There is a case to be made, however, that the CPC has maintained a Dictatorship of the Proletariat, and oversees a largely Socialized economy.

They are of course no where near lower-stage Communism, but they do appear to be transitioning from Capitalism to Socialism. Critique of the Gotha Programme makes it explicitly clear that social progress cannot outpace Material Reality. Given that the US is intertwined with the PRC, and the emerging multi-polar world is not yet here, the PRC could risk their geopolitical stability by nationalizing faster than they are. This is something the USSR failed to keep under control, which played a part in their collapse.

Overall, "State Capitalist" is wrong, but so is the notion that the PRC has a fully Socialized economy. It is a transitional economy.