China's economic success began with the transition to market economy, not the other way around.
Edit: Also, China is a very capitalist country compared with, say, EU.
Edit: Also, China is a very capitalist country compared with, say, EU.
That is patently false. In China it is impossible for foreign companies to compete on a level playing field. There is a huge amount of protectionism and anti-competitive practices, the currency is manipulated to favor exports, and it's basically impossible to make it big without ties to the CCP.
In the EU you can start your business wherever you are a legal resident, the regulations are a known quantity and essentially you just have to mind your own business. This is not so in mainland China, your applications can be arbitrarily denied, and if your business does too well, you will get a knock on the door asking if you are a "good comrade". All big businesses there are tied to the CCP one way or another.
Yes, like the 74% Steel tariff the EU imposes on China
Or how about solar panels from China which are hit with 65% tariffs unless they are sold at a minimum price (which is higher than average EU equivalents)?
The EU not being protectionist is a widely believed meme.