Public ownership is the principle aspect of their economy, the large firms and key industries are thoroughly owned by the state, and the proletariat is in control politically. It certainly has a long way to go as it develops through socialism, but the ultraleftism of the Gang of Four and the late Mao period were ultimately not based on materialism, but an egotistical desire to try to acheive communism well before it could actually be.

The reforms were a calculated and sober return to more traditional Marxist understanding. The Gang of Four were dogmatically high on their own supply, and thought, legitimately, that it would be better to have worse material conditions in a more planned economy than introduce controlled market reforms and achieve higher levels of material conditions and metrics for the working class.

I understand that it isn’t anarchist, not by any stretch, but it appears to have paid off quite well so far. Growth is more consistent, stable, and rapid than before, and that’s referring to the material conditions of the working class, not just profits.

They’re an economy dominated by the state in the interest of the people, rather than by capitalists in the interest of capitalists.

China’s imperfect but it’s the best we’ve got.