On the contrary, I think China has actually taken a very dialectical approach to the progression of socialism.

Socialism is the inevitable conclusion of capitalist production. They had some slip ups in the 90s, but the current direction has taken a very sharp turn away from those policies and back to the path. The state still maintains control over all land rights and the only really bad thing is the codification of property right into the constitution (even if it's collective, state, and private with heavy restrictions on the last).

That's not something that can't be changed though, and it seems as though the general movement in China is to begin nationalizing all the industry currently privatized right now. In order to do that without being totally cut off from the global markets though, they have to create a medium of exchange that dethrones the petro-dollar or financial imperialism of the US will be used to destroy them the same way it did the USSR.

It's a really boring play and not as cool as 1917 or Paris, but it shows how socialism has grown and adapted to rapidly changing conditions of production and the acceleration of turnover. Dethroning the US empire in their own game will basically be the death knell of international capitalism as we know it. The pressure on revolutions in colonized territories will dissapate and we'll start seeing a new wave of revolutions around the world like we did in the beginning of the 20th century.

Possibly even some in China as the need for this type of state disappears with the death of the US empire.