The country was highly industrialized–the workshop of the world. The bulk of the economy was controlled by private businessmen. Inequality was soaring, with a lukewarm response from the government. The safety net was minimal, in order to save money; the government simply put the onus on individuals and families to protect themselves. Labor unions were controlled by the state. The government valued stability and prosperity above everything else; cries for economic justice from struggling workers were mostly ignored.
So what would Marx say about China? That it is ripe for revolution, of course! Chinese workers, you have nothing to lose but your iPhones!