China is not a capitalist country. The Chinese capitalists do not have a dictatorship of the bourgeoisie that puts them above the law. If the Chinese bourgeoisie would attempt to overthrow the Chinese state, they would be put against the wall, imprisoned or exiled.
So given the realities of political power in China, they do have a very good chance at genuinely regulating a private capitalist sector, until it fades away because the capitalist mode of production has been made irrelevant by changes in the material conditions. They aren't weak like social democratic governments in the past where material progress for the conditions of the workers could be reversed. Of course there still is some danger that China will have a regression too, that's always going to remain a possibility until the capitalist mode of production has been rendered non-viable by the motions of history.
It also depends on what is being regulated, the Chinese appear to be reasonably good at regulating the bourgeoisie rather than the behavior of the masses. Of course they do sometimes miss the mark. Recently youth video-game addiction became a problem in China and they put in a state-mandated time-limit for how long Chinese minors can play games. They should have banned the addictive interaction-loops that replicate casino gambling addiction instead.
To answer your question, how is China going to realize worker control over the means of production.
At the moment they aren't really doing that.
I saw someone explain it rather aptly like this:<capitalism is violence and you can't blame the Chinese for using it as a tool to fight against capitalist imperialism.
It's a concession to material reality where they have to fight against an imperial power that wants to prevent them from developing. At the moment their principle goal is to navigate the decline of the US empire relatively unscathed.
The stuff from this post >>467010
that's a direct consequence of the US's high-tech embargo. The socialist ideological element is mainly that the intervention from the Communist party is to direct development towards what's most suited for advancing the productive forces rather then doing what's most profitable. In that particular area the Chinese communists are orthodox Marxists. Marx thought that socialism needed the most advanced productive forces and they do too. They think that one of the things that brought the Soviet Union down was that it wasn't able to out-tech the US during the cold-war.
If you are in the west you should push for worker control of the means of production because there is no big capitalist power that could existentially threaten the west, but you can't blame the Chinese socialist for making surviving against imperialism their priority.