My knowledge regarding China is more shaped by my knowledge of USSR/China and Russia/China history and relations.
IOW fragmented.

That said, what you just wrote should have applied to the USSR in her economic competition with the West in general, and the USA in particular.
Other than some specific successes achieved by brute force and the channeling of resources to narrowly focused goals, it was never close. In spite of Russia's enormous natural resources, it still isn't.
Reflect for a while on why that is.

Authoritarian and autocratic China suffers from the same ills, and has the same advantages you mention, as the USSR, todays Russia, and Mao's China.

China's success has occurred more due to joining the world's rules-based order, abandoning ideological litmus tests for ideas and policies, and actively sharing a significant share of the benefits with the people.
Probably the biggest change from orthodox Communist thinking is the encouragement of innovation. Rather than just attempting to copy observed technologies and systems, they actively encourage improvements. In other words, reasonable risk is encouraged while impatient recklessness is discouraged. To an outsider such as myself, they know who they are and where they wish to go.
(something the Bolsheviks destroyed....they shattered old traditions, but failed to provide a replacement to fill the soul. Soviet citizens had taken from them what they were, only to be replaced with slogans. Brezhnev's USSR and Putin's Russia tried to replace 800 years of Russia with deification of WW2, but that still falls short)
By our standards China is authoritarian and repressive. But it seems to allow just enough freedoms and shared benefits to harness the positive aspects of Western capitalism and liberal politics to have transformed itself from Mao's China.

It probably won't last forever. Recession looms if Western economies falter. But for now China seems to doing so well due to innovation, long term planning, and patience.