I would argue that it is about incentives. A market economy is about maximizing profit, so that (the class of) shareholders get more money out of it, than they put into it. Incentivising making money means you incentives a race to the bottom, producing lots of expensive and addicting crap that easily breaks for as little cost as possible. And you incentivise massive consumption of it.

A socialist economy should instead incentivise improving the world for all the people that live in it. Produce stuff that is robust, adaptable, sustainable and so on. Incentivise the mindfulness of the social and ecological impact of each product. And if someone needs something special, incentivise local makerspaces etc. that allows people to produce custom stuff in low quantities.

China is not communist, they are market-captialistic, one-party highly authoritarian state. “socialism” and “cmmunism” is just used to make them sound better and more legitimate than they are.