Will a socialist economic system end wealth inequality and poverty?

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Socialists and communists often use equality to rally mass support, especially among the underprivileged and young people. The Chinese Communist Party, for example, promised equality by eliminating poverty in China. However, in a socialist economic system, economic growth generates greater wealth disparity and poverty. During China’s famine in 1960, the CCP leaders lived a privileged life. While Chinese economy has grown to be the second largest in the world and China’s superrich outnumbers the US, India and German combined, 45% of Chinese are poor. Wealth inequality will always exist in a socialist or communist country.
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References:
Chinese References:
https://mp.weixin.qq.com/s/uG3NQYWV_ERY2wdWefwYfw
https://m.aisixiang.com/data/45950-6.html
https://blog.dwnews.com/post-803884.html
https://blog.dwnews.com/post-803884.html
https://www.aboluowang.com/2020/0711/1475796.html
https://www.youtube.com/watch?v=NrDuJsAByjU
https://new.qq.com/omn/20190816/20190816A0082T00.html

English Reference:
https://livingcost.org/cost/china/united-states
https://www.credit-suisse.com/about-us-news/en/articles/news-and-expertise/the-global-wealth-report-2016-201611.html

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