I disagree that labels are meaningless. Capitalism is well understood to mean private ownership of the means of production. China is doing a lot of different things and most people understand that.
If it's so well understood why is everyone including those in power acting is helpless? Even the rich warn about the problems. I don't think things like "money", "capitalism" etc are well understood at all. It may not even be possible because those are very fuzzy terms that describe vastly different things depending on what aspects you are looking at and they consist of >90% context. IMO any discussion waving around any of those words can be safely ignored or engaged in only because one is extremely bored and wants entertainment.
That's kind of a confusing line of questioning. People are pointing out problems yes (I often agree with them, I'm a socialist), but that doesn't change the definitions of words. If we muddy the words, we won't even know what we're talking about and that favors the status quo. The remedy for ambiguity is clarity.