MelmothTheLost
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I apologize if this has already been answered... I haven't caught up yet.
Capitalism is one of the defining characteristics of a first world country. Because China operates on a communistic social and economic system, they aren't considered a 'first world country'.
It's not to do with whether the economic system is socialist or capitalist. It's because they haven't escaped the Middle Income Trap yet and may in practice never do so.
https://en.wikipedia.org/wiki/Middle_income_trap
Since the end of WWII only a handful of countries have succeeded in doing so - Japan, South Korea and Singapore.