Do they? No idea
But the fact that China has 3 capitalistic stock markets makes calling them "commies" like it is 1950 seem kinda stupid
According to the Hurun Global Rich List 2023, China housed the highest number of billionaires worldwide in 2023. In detail, there were 969 billionaires living in China.
Communist billionaires? Lol
Communism, you recall, is an economic and political ideological system in which everyone is considered equal. Its ultimate goal is to create a classless and stateless society. A simple explanation of how communism works is as follows: There are no individual property rights and all citizens collectively own the land. The resources derived from the land are centralized. The government then makes sure that the profits from the resources are equally distributed amongst all its citizens, as everyone is considered equal. Thus there is an equal distribution of wealth by the state no matter how hard or little you work because the "means of production" are publicly owned. The primary goal of communism is to prevent the dark negative side effects of capitalism – income inequality.
Politically, China is a one-party system that represents all the people, but economically it is rapidly moving away from Karl Marx's ideal – capitalism is in fact alive and thriving.
So much to unpack here. I want to apologize to your readers for my contributing to your responding in more than one sentence. You're hard enough to stomach with 5 word answers, but whole paragraphs contain enough blather to coke a horse. FYI: GAAP means Generally Accepted Accounting Principles, -like not hiding important details; not changing or ~adjusting~ prior period numbers upon which current number are based without stating clearly what was done; not outright lying; -Ya know... misleading the reader and/or cheating investors. The Chinese have a different set of customs regarding business communication, to put it politely. What has been perfectly acceptable in mainland China for a few thousand years may locally be considered politely dealing with other people, but in the west, in business dealings, nothing short of the absolute full & truthful details are the standard business practice and we have a name for clever accounting: FRAUD.
Yes, there are a lot of billionaires in China. We like billionaires! They create jobs for us low class slobs who need to work for living; they pay some taxes; they buy expensive stuff that takes lots of labor, -just ask any boat construction crew what happens if rich people don't buy big fancy-schmancy boats, -they will be out of work. They need cooks & dishwashers, wait staff & busboys in expensive restaurants, ground crews on golf courses, personal trainers in fitness boutiques, accountants for sure, lawyers, doctors, etc., etc. People with money buy stuff; the more money, the more they buy to show off, the more little people can work & earn a living. If you work, it's because somebody out there is buying what you make, move, cook, clean, grow, build, design, etc.
Billionaires in China have a nasty habit of pissing off The Man, and being disappeared for educational re-training. In China, no one is above the law, so to speak. Failure to pay respects to The Man is problematic. It's not the money, -it's the amount. Unfortunately for westerners who invest in China, some of those Chinese billionaires got rich at our expense with clever accounting. Bozos like Larry Fink will one day find out what that's like, -in spades.
Now, as to your description of communism: right on, brother! But, there are minor differences in precise application. For instance: Mao Zedong murdered 45,000,000 fellow Chinamen on his way to glory and his successors have followed his examples. Xi is working on it with the Uyghurs, and ain't done with them Christians, Falun Gong, or Tibetans. We in the west find that excessive. The difference between communism and the modern Judeo-Christian western culture is we have repudiated the concept of, "The ends justify the means" in favor of Republics with The Rule of Law, with the possible exception of Canada. All of Socialism, from the tiniest beginnings to full-blown Communism disregards anything that gets in the way of The Goal. Stalin murdered all Ukrainian famers who objected to their farms being absorbed into the collective, and replaced them with Russians that were surplus (and problem-makers) in Mother Russia(Two birds with one stone!). That's just coincidentally why there are so many ~Russians~ in Ukraine for Mother Putin to protect from them nasty Ukainians. Cuba went from whatever it was with some prosperity to now zero anything for anyone who is not a party operative. All the best Cubans are now in Florida, waiting for Cuba to be free again. Batista was not loved, but he was better than communism, and people could come and go. "Going" is sometimes a really good option!
You are right about one thing: China is moving away from Marx's ideal of Socialism. Marx had absolutely no idea of how many people would get in the way and have to be dealt with on the way to the Glorious People's Paradise. If Stalin, Mao, Pol Pot, Kim, Fidel, and other minor murderers aren't making Marx spin in his grave, then nothing will.
The truth about mankind is that nothing has been cheaper than life on a grand scale, while nothing still is more valuable on the individual scale. Capitalism in lands with Rule of Law
needs to value individual life to continue to exist. Capitalism can be fine tuned without using up lots of little people and that's the difference between us and them.
You, are one of them.