Communism is only partially a form of governance. Conceptually it also describes the ownership of the means of production.

If the people own the means of production, then the preferential distribution of profit to capital becomes non-sensical, and thus there is no capitalism.

China is a strange hybrid, that is neither fully communist, nor "fully" capitalist (in the sense of, say, the USA). This is what allows aspects of both systems to co-exist.

I completely agree. Each nation has it's own flavor of monetarism and governance that results in a unique outcome with varying degrees of real time control. China have more arbitrary control over business that results in greater real time arbitrary stipulation of monetary outcome. Governance over business is less arbitrary and more predictable in the USA, most of the time anyway.

State Capitalism.

> China is a strange hybrid, that is neither fully communist, nor "fully" capitalist

Typically this ‘strange hybrid’, where the people serve an authoritarian state which exerts arbitrary power over ostensibly capitalist industry, is referred to by the term, ‘fascism’.