USA directs money all the time too, it is not about how to direct money, it is about 'equal-opportunity' vs 'equal-outcome'. China has plenty of brain power to leverage that investment, as it has been encouraging teens to excel in the education system. While in US, it is eager to remove rankings from school instead these days because it will make some 18-year-old-little-KID depressed, and in CA it just allows everyone gets a high-school diploma for free, see the difference?
The US is, if anything, moving further to the right. The rest of the world is moving to the left. China's decision to abandon absolute equality and move to a less equal system is pragmatic and based on the idea that a rising tide lifts all ships.
I wouldn't call 50% state ownership of most if not all large companies anything but "socialist"; they just found a way to introduce incentives into a socialist system by abandoning the idea that everyone should be a "worker". But wealth redistribution is absolutely at the center of the Chinese system.