This'll be controversial here but it needs to be said:
Yes, China is by definition not a socialist state.
Not only are the means of production privately owned by the capitalist class but the state, likewise, is controlled by the capitalist class who make up the majority of the communist party's membership. To deny this obvious fact is pure cope and doesn't help our analysis of the Chinese model but hinder it. The reality is Deng Xiaoping was the Chinese Gorbachev but without the liberalism and modern China is a glimpse at what the USSR could've looked like if Gorbachev had been more ruthless and less idealistic.
The catch here is that China is developing along a very different path from that of the West. It isn't developing through imperialist plunder and colonial conquest and it isn't abandoning its peoples' needs nor ignoring them. It isn't trying to align with the West nor compete with them for hegemony, as post-Soviet Russia has done.
The cynical interpretation here is that the Chinese are just doing what Europe did during the Cold War with their Social Democracies; bread & circuses to keep the masses in check, only this time to stave off a U.S. backed color-revolution instead of a communist uprising.
But I don't agree with that perspective. If the CPC was truly captured by the interests of capital they'd just become a fascist state, social democracy, or neoliberal shithole. Instead they're building a society much closer to the Soviet model - an improved version, I'd say. They're not robbing their people & country blind and instead are investing in its future in ways that no social democracy ever could.
Because of that I believe that true comrades are still in charge of the Party and, at worst, are bourgeois class traitors in support of the revolution; e.g. Zhou Enlai-types. I believe they're pursuing an unorthodox approach to genuine socialism, but one which is ultimately proving successful nevertheless. For that reason I give them my critical support with a silent prayer that it all works out. Their success would quite literally change everything.