The more common phrase is "socialism with Chinese characteristics". It started with Deng
and the "opening up" that allowed China to maintain political control while developing more advanced productive capacity. The phrase is mostly a way to describe the ongoing experiment of building socialism that is not dogmatic or static, but that adapts to the needs of the Chinese situation and circumstances.
Xi
has continued to use the phrase, but what it represents changes over time to some degree. Much of the changes under Xi have been development of new green technology, investment in education, and food security. There is a strong focus on domestic capacity and resiliency along with improving ecosystems and reducing carbon emissions. This has also coincided with the increase in military capabilities.
The core is that it remains socialism, but this is tuned to the specific needs of the Chinese state and its people over time. That's my basic understanding at least.
CW: meat https://xcancel.com/xuptheirax/status/2046747563257221620
spoiler
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