The party uses the same name, Chinese Communist Party, but in Dec 1978 they explicitly rejected Marxism as a valid economic theory and switched sides. They said Marx was smart but no human could accurately foresee everything in the future. Specifically Marx failed to anticipate that the industrial revolution would end scarcity. And without constant scarcity Marxism fails to accurately describe the economic world. Switching teams from communism to capitalism is why the Chinese per capita GDP grew 35 fold in The following 35 years. Despite their name they became the Chinese Capitalist Party.