Your mean they started making big money by entering the global market on an export economy. An economy that is by and large state run.
Some people call it a hybrid economy. In many ways it is. But their success isn't down to capitalism and in no way can it be described as Capitalistic country in any regard. Its success is because they actually know what they are doing and have entered into capitalism markets whilst maintaining their own state run system.
This, unfortunately, is geopolitical-management-think -- we can't escape that revenues and profits ultimately come from the exploitation of *labor*, and China's laborers are *very* exploited:
Most significant was the restoration of capitalism in China and its opening up to global corporations. China, which became a source of cheap labour production in the 1980s through the establishment of special economic zones, opened up still further. The Tiananmen Square massacre of June 1989 was the signal by the Chinese Communist Party regime that it stood ready, by whatever means necessary, to ensure the exploitation of the Chinese working class by global capital.
In the first period of the Clinton presidency, beginning in 1993, the US economy enjoyed rising profit rates as a result of the boost provided by the exploitation of cheaper labour, paid as little as one thirtieth of US wages.
However, the basic tendency identified by Marx began to reassert itself from around 1997, when the average US profit rate began to turn down. As a result, the accumulation of profits by financial means, which had grown by leaps and bounds in the 1990s, became increasingly vulnerable.
The income generated by state-owned enterprises accounted for about 40% of China's GDP of USD 14.4 trillion in 2019, with domestic and foreign private businesses and investment accounting for the remaining 60%.
Direct foreign investment in China, which totaled about USD 1.6 trillion as of the end of October 2016, directly and indirectly contributed about one-third of China's GDP and a quarter of jobs there.
Foreign direct investment (FDI) has been an important part of Chinese economy since the 1980s. During the Mao period, most foreign companies halted their operations in China, though China remained connected to world economy through a limited scale of international trade. Since 1978, China was again open to foreign investment and within two decades it became the largest recipient of foreign direct investment among developing countries. While China's acceptance of foreign investment is commonly associated with Deng Xiaoping’s policies, Chinese leaders including Mao Zedong and Hua Guofeng already acknowledged the need to import foreign capital and technology in the early 1970s. The investments from the 1970s up till the 2000s mainly focused on the manufacturing sector, earning China the label “world’s factory”. However, female migrant workers who contributed to the growth through participation in the foreign-owned manufacturing sector had to work in poor conditions, with insufficient labor protection, and under restricted migration opportunities due to the hukou system.
Special economic zones (SEZs) in mainland China are granted more free market-oriented economic policies and flexible governmental measures by the government of China, compared to the planned economy elsewhere. This allows SEZs to utilize economic management which is more attractive to foreign and domestic businesses. In SEZs, "...foreign and domestic trade and investment are conducted without the authorization of the Chinese central government in Beijing" with "tax and business incentives to attract foreign investment and technology".