The PRC is Socialist. The PRC’s Public Sector covers a little over half of their overall economy, and the cooperative sector covers a little under a tenth. The Private Sector is under strict guidance of the government, in a birdcage model, where the CPC increases ownership as the markets themselves form monopolist syndicates that make themselves candidates for central planning. Further, the Public Sector is over key, heavy industried and infrastructure that drive the Private Sector, like the steel industry.

This is all in line with a Marxist understanding of Socialism, a Dictatorship of the Proletariat gradually wresting Capital from the hands of the Bourgeoisie as the Bourgeoisie must necessarily centralize Capital, making it much easier to centrally plan. Before these syndicates have formed, Markets are a more effective vector of growth in the Productive Forces, and as they stagnate Public Ownership and Central Planning becomes more efficient. From Engels:

Question 17 : Will it be possible to abolish private property at one stroke?

Answer : No, no more than the existing productive forces can at one stroke be multiplied to the extent necessary for the creation of a communal society. Hence, the proletarian revolution, which in all probability is approaching, will be able gradually to transform existing society and abolish private property only when the necessary means of production have been created in sufficient quantity.

I highly recommend you read the article What is Socialism? The PRC isn’t Anarchist, but it is Socialist. You’re also welcome to read my introductory Marxism reading list.