What is China’s rationale for a private sector subservient to the party over a fully planned/command economy based on modern computational capabilities?

I know different China struggle sessions get posted all the time but I haven't been able to find really any discussion around this question in particular. I'm not necessarily saying I need to fully agree with the stance, but I don't really understand even the argument for China's "mixed economy" in the modern day.

As I understand it their primary objective right now is developing the forces of production and are aiming for a more complete transition to Socialism by 2049. What I don't understand is why it is seen as necessary or advantageous to do this through (albeit more heavily regulated) market capitalism over a planned economy. This is especially confusing today, when modern computational capabilities (computers, internet/networking, primitive Artificial intelligence, etc) seem to be overflowing with the potential for an incredibly efficient and agile planned economy. At least when compared with prior implementations.

What is the point of a having billionaires and a capital owning bourgeoisie class at all when they could potentially be replaced with what amounts to PMC workers and computer systems?

What is the argument and what are the material conditions that precipitate that argument for why China continues with it's private sector?

Any thoughts or links to other resources on this topic would be greatly appreciated because I've been really wracking my brain with this.

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