I think it can be interpreted both ways. Obviously Zhang Yimou had to be as ambigious as possible, since the Chinese censors wouldn't have taken kindly to someone criticising the government outright. I personally think that thematically the film does criticise feudalism, but underneath that, through symbolism and allegories and whatnot, it attacks Maoism as well.
=SPOILERS FOR TO LIVE (1994) AHEAD=
I think the same can be said for Zhang Yimou's To Live (1994), which on the surface seems to praise the Maoist revolution, but looking closely at the way the story progresses, most of the family's suffering stems directly from Maoist policies (such as the daughter dying because all the senior doctors, who could have saved her, losing their jobs during the Cultural Revolution), which suggests that actually the film is criticising the regime, not praising it. Often film makers working in difficult political environments have to be vague to get their films past the censors.
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