In fairness China steals a lot of IPs. Like lots.
It is does not practice full socialism, the most obvious examples are their very specific Economic Zones, where Capitalism is 100% full on practiced, for external trade. So the ports and manufacturing cities. Essentially where most of the TikTok videos of buildings lighting up at night showing ads or videos on them that you see online, that is very different than in internal cities. Since as most of anyone who has travelled to China or knows about the 'private' industry of the country, the CCP has full access to the corporate leadership and thus can control Corps by proxy. Remember when billionaare, Alibaba CEO Ma was taken down by the CCP for getting too lippy against the regime and as a show of blatant force was literally disappeared, for months? I do.
https://time.com/5926062/jack-ma/
https://www.wired.com/story/jack-ma-isnt-back/
In fact, if anything, in the aggregate, in behaviour, China with its mix of Socialism while leveraging full on selective Capitalism is far closer to practising the very defintition of National Socialism or more to the case, Facism, as seen in their actions. Even if they may claim to be Left.
Fascism: A system of government that exercises a dictatorship of the extreme right, typically through the merging of state and business leadership, together with a belligerent nationalism. The American Heritage Dictionary 1976
1992 definition from the American Heritage Dictionary (it seems very similar, but I think the rewording makes a difference - merging state and business leadership becomes stringent socioeconomic controls):
Often Fascism. (a) A system of government marked by centralization of authority under a dictator, stringent socioeconomic controls, suppression of the opposition through terror and censorship, and typically a policy of belligerent nationalism and racism. (b) A political philosophy or movement based on or advocating such a system of government. Oppressive, dictatorial control.
Here's from the 1970 Webster New Twentieth Century Dictionary (a 2000-page whale of a dictionary):
fascism
The doctrines, methods, or movement of the Fascisti. a system of government characterized by rigid one-party dictatorship, forcible suppression of the opposition (unions, other, especially other parties, minority groups, etc.) the retention of private ownership of the means of production under centralized government control, belligerent nationalism and racism, glorification of war, etc.: first instituted in Italy in 1922. (a) the political philosophy and movement based n such doctrines and policies; (b) fascist behavior. See also Nazism.