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First thing this is all purely personal opinion viewing stuff from outside and as a general interest in world history.
I am an American but I have lived outside the USA for a couple years and no it wasn't on a military base.
So with that said my personal interpretation is that China is still largely the same China as in ancient times and has decided to take several large chunks of both Communism and Capitalism and add those to the far far larger just continuing to do/be the same as they have for thousands of years.
To put it a different way, it is a case of fix what they feel was/is broken and keep doing all the things that work and from their point of view China has kept itself as one of the largest Nations in history for one of the longest times of any country.
So on the bad side you have things like them being willing to be extremely repressive is terms of censorship. Or the oppression of minorities they don't fall in line enough to the central control of the government. Or minimizing stories that damage their reputation like mining issues.
On the good side they seem to be able to at least partially consider long term large scale society value. At least from the point of view of engineering. The USA by comparison seems to exclusively only consider short term value. Often in terms of weeks or a financial quarter and occasionally the few year duration of a presidential or Senate term.
China also seems to care about improving the average life of it's citizens. This is a big deal and probably the most "Communist" thing. However that also goes along with them seemingly not just allowing but being perfectly happy to have some people have truly horrific lives as long as the baseline average is improving.