It meets all the economic and political definitions.
Keep in mind I believe the entire world has descended into fascism thanks to the US. Also fascism for me is a scale, not all or nothing.
The last straw for me was China providing arms to Africa. Their weapons have already ended up on both sides of the conflicts responsible for killing untold civilians. China is now the world’s fourth largest purveyor of arms.
Is China as bad as the US? Not at all, in fact I really appreciate that their imperialism has been limited. Speaking of the two there is no denying that China has helped propel billionaire’s wealth in the US and vice versa. I personally believe the rise of the billionaire class is responsible for the rise in fascism.