I believe “state capitalism” is the right description.

If you want to focus on the pure mechanic of how surplus value is extracted in SOEs and try to make the argument that the CPC forms a nomenclatura that appropriates it then it would be still fairer to call it "State socialist" as the surplus value is distributed amongs the working class benefiting them significantly materially unlike in capitalist countries. Since it's qualitatively a different state than the UDSSR is useful to also look at the distinguishing aspect, namely the presence of the market. Hence "socialist market economy" is the right description like other posters mentioned