I assume you mean post-liberation? Because post-Cultural Revolution but pre-Deng Xiaoping era is only like 2-4 years depending on how you delineate Cultural Revolution. And that period was characterized by relative moderation in economic policy.

China never eliminated private capital for any extended period of time. The agricultural collectives have always allowed each member household to work their own private plots (amounting to something like 10% of total area), and these plots were worked intensively. They produced a huge proportion of China's non-grain farm output (fruits, vegetables, meats). These collectives were briefly grouped together into gigantic communes for the Great Leap Forward but as you might have heard that was something of a disaster and the policy fell apart quickly.

People could still own personal property. The main thing that destroyed small scale household industry (which dominated industrial production in China before 1949) was not the confiscation of household property but state monopolies on inputs, like cotton, which starved private producers.