None other than President Xi himself has emphasized the role of markets and downplayed the use of “central planning” in the Chinese economy. I think the state control of the banking system works hand-in-hand with this type of central planning (where there’s an overall strategic plan developed by the state and the plan is implemented in the market sector). It’s a fascinating model that I’m trying to learn more about (just downloaded Roland Boer’s Socialism With Chinese Characteristics)