It's a mixed system. China's public healthcare makes up the majority of the country's healthcare, and it fucking kicks ass. There is some slight drawback in that public healthcare can have longer wait-times, but it's also relatively cheap.

Private healthcare is much more expensive, but also allows people to get their needs addressed faster and get somewhat better treatments in some edge cases, and even the more expensive private healthcare is often still relatively cheap.

Public healthcare is way more likely to have the most advanced medical technology and breakthroughs, though.