Dear lord, people if you know nothing about politics, please, don't post here.
First of all: If you say China is a socialist country, you're wrong. Do not in any way google socialism but go read a book instead. Second of all, yes China is a "communist" country, except for one small thing. It isn't. China used to be a communist country at one point, as the USSR tried to gain allies in the cold war. Same thing why the Vietnam war actually occurred. Try to let go of your patriotic view and actually look at facts (which you don't always learn at school), then discuss it. The only problem is that nothing in China is even remotely communistic nowadays. They are easily one of the world leaders, even more so than the US or Russia. Simply look at the basic numbers. They are still a country that is in huge economical and industrial development, yet they still have one of the most steady economies in the world. I could go and explain why this is, but I suggest you read up on why this is so. Even their governing leadership system isn't remotely on par with what communism has in mind for it. There is no leadership, or at least no leadership that stands above others in communism. The proletariat rules the country, that's the fundamental idea behind it.
The biggest issue with communism is that, in theory it sounds sweet, it can't be done. Simply because of the urge of people to differentiate themselves and the fact that our opinion and society dictates upon us that we should actually have a high degree, that we should have a job and status that is seen as socially acceptable or even socially looked up to.
Don't get me wrong, I'm a socialist myself (yet again, go read about what socialism really is) but it needs to be practical. Now, I'm from Belgium myself. In itself, the system we maintain is quite socialistic. We pay a large amount of taxes to the government that they redistribute to the people. I think people in Belgium pay around, what, 50% of their money to taxes? Most people would find this insane, but all in all most people make a good living for themselves, while still benefitting from what the government has to offer us: Healthcare, one of the best educational systems in the world, a steady system and most of all a lot of social security.
I personally have to say that I never got the idea behind "The American Dream". All I see in the idea that is has is capitalistic propaganda that is outdated and doesn't relate to our time anymore. The USA was founded (or well, called itself independent) around 1770-ish somewhere, if I'm not mistaken (yes, I'm too lazy to actually google the exact date as I really don't see the relevance either on this topic). That makes it clear that "The American Dream" and reasoning behind it in itself is outdated. It was a super duper nice idea to have when you still had the industrial revolution going on, but just be honest with yourself for a second. Since the industrial revolution occurred, birth rates have sky-rocketed, globally speaking people live much longer, and there is a much higher rate of globalization as well. That in itself puts forward a NEED and REQUIREMENT for at least a basic foundation, and (in my opinion) a higher layer above that of social security as well. The basic principle behind "The American Dream" is the principle behind capitalism as well. Every man for himself, get rich or die trying (I just quoted 50 cent here, I'm so coolio right now), screw the rest, I'm the best! and what not. The problem is that this only works if you have a constant system of growth and prosperity, something which is just as impossible as communism working. Look at the crisis we have at hand now. American banks were just handing out money to everyone, people were buying stuff with a credit card all over the place. This leaves people with a constant small amount of debts each month that they have to pay off. Over time, the amounts became so big all together that it was IMPOSSIBLE to pay it off. Can you really go ahead and say that this is the system of prosperity and longevity? Sure, you could just throw in the argument that people should not buy stuff that they can't afford, or work harder for it, but let's be honest, our system doesn't allow that! Capitalism, and especially marketing and advertisement nowadays plays on the human psychology. YOU NEED AN IPHONE TO BE HIP! Let's face it, would you rather be the cool kid with the new Iphone, or would you rather be the kid that sits by the dumpster and gets food thrown at him (sorry to make this weird and perhaps rude statement, but I'm just trying to make a point here. I'm not trying to insult someone). It's pretty obvious which of the two anyone in here wants to be, but the point is that it's impossible to maintain this lifestyle, and by concluding that, capitalism is just a system that is impossible to maintain in the long run as well.
Now, don't get me wrong, and I'm sure a lot of Americans (Sorry guys, I have no quarrel with Americans, but I just like to point it out since you guys make it so easy ^_^) will hate me for saying this, considering the recent elections. I love the idea behind capitalism as much as the idea behind communism, but neither is possible because both of them are extremes. It's impossible for everyone to be equal, but it's just as impossible for everyone (despite the reason, and I think a lot of people need to stop thinking so radical about this) to make something out of themselves. So what I'm a supporter of is simply Socialistic Capitalism. I guess Obama somewhat does this, but I won't get in to that just yet. I like capitalism, but I am dead serious when I say that it's IMPOSSIBLE without any kind of restrictions put onto it by the government, or certain guidelines and what not. I don't mind companies going super big and rich, but I do mind companies having a monopoly on an entire market. It's not good for the consumer, or simply said the people. I don't mind companies making a lot of money, but I do mind those companies paying out big ass cheques to their CEO's while they fire thousands of people a the same time. I don't mind companies exponentially growing, but I do mind when it happens at the cost of something that shouldn't be so high. I hope you guys are getting where I'm coming from/at. Regulation is something that will always be needed. If not, there is always a certain group that abuses the system. This is to go in against all the people that say "hey, people abuse the system and still complain while they're lazy as hell!". Same goes for the companies, no?
Now, as for the Obama issue, I said I'd go in on it later on, but I don't feel like doing that after all, since I probably don't have enough knowledge about it, and even if I do, these kind of discussions tend to be filled with "fanboyerism"-tendencies, so I'm wisely staying off that touchy subject.
Anyways, I just wanted to throw that out there. A little bit of respect and understanding for other ways of thinking gets you a long way, and you might just be a little shocked when you reach the point where you see that your previous PoV actually wasn't all that almighty.