In [154]: A = type('A', (object,), {'my_class_variable':'hello'})
In [155]: A.my_class_variable
Out[157]: 'hello'
In your first example, type('A', (object,), {'x': 'hello'}), A.x is a class attribute, not an instance attribute too.
To make a class with the __init__ you posted, you would first need to define the __init__ function, then make that __init__ a class attribute:
In [159]: def __init__(self):
.....: self.x = 'hello'
.....:
In [160]: A2= type('A', (object,), {'__init__':__init__})
In [161]: 'x' in dir(A2)
Out[161]: False # x is not a class attribute
In [162]: 'x' in dir(A2())
Out[162]: True # x is an instance attribute