The Chinese government switched from a pure communist/socialist system to a communist political system with a capitalist economy about 10 years ago.
So American capitalists who had spent a hundred years blabbering about the superiority of America and the evils of Communism instantaneously sent all the jobs they had to China, because they didn't care about America or Democracy so much as they did about money.
And the Chinese own less of the US than the antigovernmental debt-mongering fishwrap says. Americans are still the biggest buyer of American bonds by an order of magnitude. China holds less than 10% of US debt. Fact.