> switched from communism to free markets

Free markets are a component of capitalism just as they are a component of market socialism. China is a planned economy which stands in contrast to a market economy. But China has taken bits and pieces from many systems to create something that works for them, a hybrid that's probably specific to China alone. It's just capitalist enough to be able to interface with big wallets around the world, but we can all agree China itself is very far from being free market capitalism.