They're a communist dictatorship that engages in globalization. As a communist nation it redistributes a portion of the nation's GDP to social programs and services. It does allow capitalists to make money, but state owned businesses dominate the scene there.
And "allow" is the operative word. There is no right to property in China, or a right for profit or industry. Nothing that capitalists point to as central to their limited, myopic notion of freedom exists in China. And yet they have been the most quickly growing economy for decades. Clearly allowing capitalists to run rampant and unregulated is not necessary for economic growth at all, despite what neoliberal bootlickers tell you.