Dazu passend: Bereits im Frühjahr 2020 wurden vom chinesischen Staat Lobhudeleien über Xis "brillante" COVID-Politik in Buchform veröffentlicht. Definitiv ein Land, von dem wir lernen sollten...
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You're forgetting that these countries also have among the highest economic freedom in the world, protect personal property and investments, provide a stable and reliable environment to conduct very capitalist business. The economic system is capitalist, not socialist. There is no planned economy, most industries are in private hands. Strong regulation keeps capitalist excesses in check as you've correctly identified, while the high taxation levels the playing field by financing a robust safety net and other government services everyone benefits from.
In Germany, the term for this kind of system is social market economy, with social being a qualifier and market economy the system.