I agree. I think the Chinese leadership reckoned that they would not be able to "storm the commanding heights" of world capitalism from a low material base. By opening up, they could develop their economy. This also came after the Cultural Revolution which called socialism into question and gravely weakened the party. This meant, as a matter of fact, that the leadership would willingly allow Chinese workers to be exploited by capital and assist in that project. But I would not blame China for doing this, as it's like making a decision with a gun to their head.

I believe China is a capitalist country. But it is one of the most successful examples of third-world capitalism, having reached a GDP per capita on par with Mexico and Brazil. It is still an exploited country. I would not call China imperialist, like some do, because I believe imperialism is defined by an international division of labor between rich countries and poor countries. Lenin for example made distinctions here -- not all capitalist countries are imperialist. This is why I also think China should be defended from attacks by imperialist countries.