How does China fit the argument that capitalism spurs democracy?

But Capitalism doesn’t spur democracy. Democarcy encourages capitalism, but Capitalism prefers to eliminate competition and discourages individuals tryng to improve over existing business.

I mean, almost all companies are top-down authoritarian, controlled by either one person or a cabal of executives, beholden to a secretive elite of shareholders.
By its very nature it is antithetical to democracy.
Not only that, by its inherent drive for more control and higher profits, and the resulting activites of bribing and buying politicians and writing the very laws they pass, it actively undermines democracy.