Sure, let's talk about that.
I can answer your question in two ways. First the pedantic way, which is that the definition of Socialism doesn't say anything about preventing wealth accumulation. It only says that the means of production and of goods exchange should be owned or regulated by the community at large. In China's case, we went the route of regulation. I don't think anyone's figured out the whole ownership thing quite yet.
I don't see any regulation by the community at large, definitely not more in China's system than in the West, probably less. If you think you see it, please elaborate.
Now for my personal thoughts on this matter, I believe that Socialism is about the struggle to lessen social inequality. However, at least in the case of the wealth gap, it cannot and should not be entirely removed. As I mentioned in a previous post, a wealth gap is instrumental in providing people with the motivation and ambition to become more productive.
I'm with you in agreement so far.
The only time I see the wealth gap being actually removed is when society progresses to Communism.
And as we saw, it was removed because there was no wealth.
In addition, the wealth gap itself is an imperfect reflection of other underlying problems in society.
The wealth gap is a reflection of the natural differences in competence between human beings snowballed over decades of good ideas and the will to implement and take risks for them.
For example, it does not take into account social mobility. In both Capitalist and Socialist societies, social inequality is reduced when social mobility is high. The difference between the Capitalist and the Socialist society is that the Capitalist society focuses on generating wealth, and increased social mobility is a side-effect of that. In a Socialist society, the reduction of social inequality is the goal, and social mobility is a tool for achieving that goal.
In that sense socialism is aiming for the low-hanging fruit. Just make everybody including society poor and you have achieved the goal of reducing social inequality. China clearly doesn't do this. China clearly built up its wealth as a top priority and in that endeavor, there were first periods of massively increased social inequality, then a slow tapering off. This is exactly showing China combining the best of both systems rather than adhering to any socialist ideals.
A good example of this is China's poverty alleviation program, where they don't just throw money at the poorest villages, but actually send social workers to those villages to support them making their lives better. For some families, this might mean helping keep their kids at school and teaching the parents the value of education. For other families, this might mean helping them raise some cattle and teaching them some basic business skills so they can generate revenue.
Every country has poverty alleviation; China's just particularly competent at seeing it through. I don't see a connection to socialism.
On a related note, many Socialist values can also be found in Confucianism and Mohism. You certainly wouldn't be wrong calling China's model a uniquely Chinese system. That's why they call it Socialism with Chinese Characteristics!
Ok, it's a name game. Once it drifts too far from socialism, I don't want to call it that but hey, people sell cauliflower bits as "cauliflower rice" even though it has no rice so whatever I guess.