The chief value for Western liberalism is personal freedom. The chief value for traditional Chinese culture is harmony.
President Xi is positioning China to reassert its traditional role as the Middle Kingdom, which can also be rendered as Central Realm or even Center of the World based on harmony among all peoples.
Economically, this pits the market state, in which distribution is based on competition among wants, against the welfare state, in which distribution is based on a constellation of needs.
This is often or usually characterized in the West as the distinction between a free market economy and a command economy, but it is actually different approaches to a managed economy, since government necessarily plays key roles in each. There are many such approaches possible and some of them have already been tried.
The looks like it may be the beginning of a new stage in the historical dialectic as China and other non-Western countries become developed countries capable of competing with the West not only economically and militarily but also in the conflict of ideas that drives the historical dialectic from the Hegelian point of view.
In in the view, different ideas clash in the conflict of ideas and some have their moment as dominant before being replaced by a fresh idea in the succeeding moment. However, the idea that is replaced is also subsumed and continues to influence historically.
A previously subsumed idea may also reemerge subsequently in a fresh form to do battle in the conflict of ideas that drives history. Chinese traditionalism is reemerging in a fresh form to confront the dominant liberalism of West on the world stage.