How can China be socialist if it has a stock market? Understanding the Chinese economy

China describes its system as a “socialist market economy”. How does that work? What is the role of its stock exchanges?

Geopolitical Economy Report editor Ben Norton explains Socialism with Chinese Characteristics in the following video:

A podcast version is available here as well (although the various accompanying charts will not be visible):

These are the timecodes of the topics addressed:
0:00 Intro
1:11 Deng Xiaoping & China’s “Reform & Opening Up”
4:06 Socialism with Chinese Characteristics
5:17 China’s economic growth & poverty reduction
7:42 How state-owned enterprises (SOEs) run China’s economy
10:09 Chen Yun & the “birdcage economy”
11:39 SOE share of China’s GDP
13:37 China’s largest companies are SOEs
14:53 Socialist market economy
16:02 “Grasp the large, let go of the small”
17:42 “Managed competition” in China
19:50 Billionaires in China
20:43 China’s stock markets
27:17 (Clip) Western financial analyst says China rejected Washington Consensus
30:43 (Clip) Bloomberg complains “China doesn’t care about the stock market”
32:10 Differences between US & Chinese economies
33:33 (Clip) Investor explains China’s stock market is not priority for government
36:56 China’s economic policy is made for workers, not investors
45:55 US financialized capitalism vs. Chinese socialism
46:33 US stock market is 60.5% of entire world
47:13 Richest 10% of Americans own 93% of stocks
47:52 Global oligarchs hold wealth in US stock market
48:31 China’s pursuit of “common prosperity”
51:49 Outro