Go read up on the concept of the commanding heights of the economy. Not to mention the fact that the party owns the golden share in all major companies, and has members on the board. You could watch an explanation of how the economy in China actually works here https://www.youtube.com/watch?v=6E89qUXTX-k

Or even better, actually read a book https://redletterspp.com/products/the-east-is-still-red or two https://1804books.com/products/chinas-great-road would be a new experience for you.