Whatever happened to "The PEOPLE'S Republic of China"?

[NAO]

I remember when all the images of China were of people riding bicycles. If you asked them if they owned their bicycles, they would snap to attention and say that NO, of course not; the bicycles belonged to THE PEOPLE. They rode THE PEOPLE'S bicycles to THE PEOPLES factories and worked making clothes for THE PEOPLE, as the Great Charmain MAO had taught.

(Granted, this image comes largely from John Candy's character in the 1985 film "Volunteers", but I assume it had some basis in fact.)

Nowadays when I see footage from China they are talking about how they are going to give THEIR kids a COMPETITIVE advantage over other kids. THEIR kids? COMPETITIVE advantage? WWCMS? ("What Would Chairman Mao Say?")

Seriously, how and when did the Chinese abandon the teachings of Precious Chairman Mao and begin towing the capitalist imperialist line like a bunch of Free Market worshiping Milton Friedman dupes?

Do they still have little books of the words of Chairman Mao? Is he even pictured on their coins any more?

Anyone have any history on this transformation?