That's a surprisingly complicated question but in a nutshell, yes there is some form of welfare, but it depends where you were born.

The system, called Hukou, is going under a lot of changes, or attempts at changes, as it is quite... bad. Basically anyone born in the countryside can never get benefits (education, healthcare, etc) in the cities they live in and work in. That's hundreds of millions of people without benefits - it created endless human rights issues.

But yes, being 'socialist' in their own way does come with a certain robust social benefits system... its just not as equal as they'd like you to think. I'd have to look way more into it though because it's a very deep, ever-changing subject.