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.