Describing itself as "socialism with Chinese characteristics" in reality the country of 1.4 billion operates a financial system of state capitalism and a socialist social system, with pure communism seen as a "long term future goal". Its not a system I would wish for Australia, with our 28 million inhabitants, but when the population is 50 times that, and the modern country started from a very low social and economic base, maybe it's the best system that can reasonably be achieved, despite the many negative aspects that such a system brings.

p/s I've just spent two weeks in China, and it was an interesting experience.