China has a Socialist Market Economy. Large firms and key sectors like steel and banking are nearly entirely under public control, while there are a large number of self-employed people. They actually have a falling number of billionaires in the last couple years.

As for worker conditions, Europe is Imperialist and many European countries act like landlords, and China is still a developing country, though rapidly developing.

What do they do in China, exactly? It looks like single-party fascist corporatism.

The funny thing about discussions about China's economy is that you can use pretty much any term to describe it as long as it's bad. If "socialist" or "communist" is understood to be a bad thing to those in the conversation, you can use those terms without objection, but you can also say stuff like "Feudalism" or "Fascist Corporatism" or "Colonialism" or "Capitalist" or "State Capitalist" or whatever tf else, it's all just vibes-based and the only requirement is that the vibes be bad.

China has a mixed economy with a combination of state ownership and private investment, with the state maintaining a controlling share in certain key industries, and preventing (at least so far) economic elites from infiltrating the government for the purpose of widespread regulatory capture and deregulation. Billionaires exist but sometimes face real consequences for illegal activity, and the balance between public and private ownership tips more heavily towards public when compared to other countries such as those in Europe.

The partial liberalization of the economy is meant to encourage economic development post-industrialization, and prevent the challenges the USSR faced with economic stagnation post-industrialization. Central planning works great if you're just trying to meet people's basic needs like food or shelter, but the demand for consumer goods is more fluid. This policy is also adapted to the global situation, China has benefitted greatly from industry moving there and by becoming a major trade partner of the US and other countries (while also holding the bulk of manufacturing output), that makes it difficult for outside forces to go to war or level sanctions/tariffs on them.

It is not a "communist" country in the sense of having achieved communism (in this sense, a "communist country" is an inherent contradiction). It could be called a communist/socialist country in the sense that it is governed by (self-identified) communists. Socialism, or I should specify Marxism and Marxism-Leninism, aren't a set of specific policies but rather a materialist and class-based mode of analysis to be applied and adapted differently depending on material conditions.

Some hardcore Maoists would argue that China's current system is a deviation from the correct socialist ideas, as espoused by Mao. However, there's also this odd branch of Westerners that don't like China's liberalized system because "it has billionaires," but also don't like what they had before under Mao when they didn't have billionaires, but also claim to dislike full-on capitalism - so as far as I can tell, they just dislike China regardless of what they do or don't do. I've yet to find any such person who's actually willing and capable to engage in a discussion of "what should they do/have done economically" as opposed to just bashing them. And in fact, when asked what kind of economic system they support, they'll often describe a mixed system similar to what China has, but then be like, "but not like that."