It's not a democracy, and it is not run along the lines set out in the Communist Manifesto either (if it ever was)... that's just the name on the tin. It is integrated into the world capitalist system now though, and Trump regards it as an economic rival - hence the USA trade restrictions on China.
IBS seems to have fallen asleep during the Cold War and has suddenly woken up in 2019. Hello Mr Van Winkle!