The US is, if anything, moving further to the right. The rest of the world is moving to the left. China's decision to abandon absolute equality and move to a less equal system is pragmatic and based on the idea that a rising tide lifts all ships.
I wouldn't call 50% state ownership of most if not all large companies anything but "socialist"; they just found a way to introduce incentives into a socialist system by abandoning the idea that everyone should be a "worker". But wealth redistribution is absolutely at the center of the Chinese system.
