In this article, I explore the complex socio-economic nature of contemporary China through the framework of uneven and combined development. I analyze how the combination of a socialist foundation, market mechanisms, and capitalist parameters enabled China’s unprecedented growth while avoiding the financialization and neoliberal deregulation that plagued Western economies. However, the expanding penetration of capitalist relations has introduced severe imbalances, such as industrial overproduction, real estate speculation, and growing social inequality. I critique both orthodox liberal accounts that attribute China’s success purely to market reforms and heterodox views that ignore its socialist origins. I conclude that while capitalist dynamics are deeply entrenched, the new bourgeoisie does not control the state power, leaving the ultimate transition between capitalism and socialism open to future political struggles.