A Socialistic Economy
Until 2015, China's economy was the fastest growing economy in the world. It is based on the dominance of the state-owned sector and an open-market economy. Unlike the US, governments in China own shares within its corporations. This means that the government is in partial control of all businesses.
Society / What People Buy
Chinese culture is much different than American culture. They eat different food and wear different clothing. However they have the same models of cars and the same technology. Mostly everything in the US is available in China unless it is restricted by the government. People in both countries have access to the latest technology and are always looking to buy the next advancement.
China's economy is booming, however it is facing some problems. Today it struggles with it's economic structure. Like the US, it is also struggling with it's stock market.