In this article, I examine the competing political projects and future scenarios shaping China’s socio-economic trajectory. I characterize China as an intermediate bureaucratic formation where the emerging capitalist class has not yet secured state power. I critically review prevailing theoretical perspectives, rejecting both the notion of a fully consolidated capitalist restoration and the uncritical view of ‘market socialism’. I analyze how internal class struggles, popular resistance, and the ruling elite’s responses to overproduction and US imperialist pressure dictate the country’s direction. Looking ahead, I outline three possible trajectories: complete integration into global capitalism, a bureaucratic stabilization, or a renewed socialist transformation driven by the ‘New Left’ and working-class mobilization. I argue that China’s path remains a decisive battlefield for the future of global socialism.