I really can’t speak for China, a Chinese would be better informed here. But if I were to draw parallels to the discourse here [Arab and Muslim world], history plays a huge role, not just as a model to follow. As socialism is clearly a break from the past for China. But lessons to learn from and shape your world view.

For the Arab world Islam was the midpoint of our history and a new beginning. But we still carry on things that even predate our ethnogenesis as a distinct Semitic people, as past lessons.

it’s far from being the main thing that explains why China is China and why it shouldn’t aspire to be the US.

China is China because of its economic model. I do believe socialism is a better model than capitalism. But even some capitalist countries are closer to China than the US because the culture emphasizes things like harmony and shared prosperity, and places a greater burden on the government’s responsibility towards the people and their welfare. Things like this are motivated and informed by our own history and culture, at least for Arabs.

Source: https://cepr.org/voxeu/columns/state-owned-enterprises-global-economy-reason-concern