Human societies have evolved a very sophisticated mechanism for moving people up and down hierarchies using a distributed reputation tracking system. This system is interesting in that they’re trying to centralise the reputation tracking system and thereby control it.
To the extent that it replicates what people, on average, think about you I think it’ll work. But planned economies loose to unplanned ones because distributed decision making outperforms centralised decision making. Eventually this system will be misused, make bad decisions, or get ridiculously complex. Then people will loose faith in it. When that happens there’s very little China’s government can actually do to control 1.4 billion people. (That’s not to say that there their remaining options aren’t very worrying though, e.g. tanks)
The comment above though probably meant the true communism, i.e. society without money.
While it might not be something you can compare to communism, the Inca Civilization had a centrally planned economy with no form of money at all and was HUGELY successful [1]
Why would you think that? The term "communist experiment" implies that it's one being conducted right now. There are no states with even hints of plans for this "true communism" you speak of.