China has indeed lifted a lot of people up out of poverty, but only really since it allowed free-market economics in after Mao.

They don’t know how capitalist China is. China’s rapid economic growth is the result of its embrace of a market economy and private enterprise. China is among the most open markets in the world: It is the largest trading nation and also the largest recipient of foreign direct investment, surpassing the United States in 2020.

From https://hbr.org/2021/05/americans-dont-know-how-capitalist-china-is