It's the opposite of absolutism, actually. The PRC has a Socialist Market Economy, where large firms are held in public control, and smaller firms that aren't are often formed in cooperative structures. A cooperative in a Socialist economy exists in a different context than a cooperative in a Capitalist economy.

Advocacy for Socialism isn't necessarily based in mystical properties of participating in a collectivized structure, but more of a materialist question of efficiency. As firms grow to large sizes, it becomes more efficient to publicly own and plan them.

back in the 80s my father worked for the largest state-owned bank here in brazil. apart from all benefits and a generally more laxed culture back then (goals were not that enforced, for example), the employees were more of a closely-knit community. they had clubs and were involved with it (the bank still has but not everyone care for it, the one we had in my home town was closed), organized a coop supermarket in state capitals during the inflation years, they were friends usually helped and cared for each other, the families used to visit each other, organized parties for the children, barbecues and the sort. in the 90s, there were heavy talks of privatization, people were fearful for their jobs, layoffs, and the bank generally had a lax policy on security at a time when robberies became more common. the employees slowly began to leave the bank and the few who were admitted to their places had not that culture, were more individualistic. it happened to other state owned companies, and all hell broke loose when many of them were actually privatized (state-level banks, telephone companies, electric distributors were among the most significant examples). now it seems that we're getting more and more individualistic and losing the meaning of community and society.

It used to apply to different groups in the past.

Fuck you, my community got ours

Fuck you, my friend group got ours

Fuck you, my family got ours

And now we're finally at

Fuck you, I got mine