No, that's a lie told by dumb Twitter "anarchist" types. The quickest summary I can think of to describe it is as well regulated capitalism that isn't a lie, with the ultimate goal being to get rid of capitalism all together.

The government is structured in such a way that capital can't assert any influence over it. The government truly controls capital, and not the other way around. To the extent that when the Chinese version of Jeff Bezos started making public comments about "showing the government its time for the entrepreneurs and market to take the lead" and trying to exert influence over the government, they arrested him, reeducated him, and forced him to retire.

Whenever something needs to be done but the bourgeois hate it and complain about it, they can just do it anyway because they are powerless to stop them. For instance, the lockdowns for covid, recent regulations raising the price of coal in an effort to phase out fossil fuels, the recent breakups of the large real estate companies.

The bourgeois in China is fully aware of the fact that they are a tool to improve society, and the moment they stray away from that too far and attract attention doing so, they can lose everything. So they act much tamer than they do elsewhere.