Both China and US have both 資本主義 and 社會主義 components,

just different proportion.

Capitalism component is letting capital arrange resources (people, material, money). Capital wants maximum peofit, resources go to most profitable industry/companies. So usually capitalism results high efficiency. But not very high in fairness, specially for people without capital.

Socialism component is that society forms organization (usually government) to arrange resources, usually according to the benefit of the whole society. It has better fairness, but usually not high in efficiency, no matter in China or US.