That’s an ignorant view of China’s success. Anyway, the extraordinary regulations that were used are far more interesting than any lacking or deregulation:

• Forbid foreign controlling ownership of domestic corporations, cultivating a solid and independent domestic leadership
• Blocked many foreign services from operating, allowing domestic replacements to copy and grow to be quite capable competition
• Prevented (slowed) capital from leaving the country
• Very different cultural approach to intellectual property
  • Some call this theft but we could have the exact same discussion about Bit Torrent/piracy
  • Modern IP laws in the West also used to be controversial (Can you patent an algorithm? Copyright a number?)
• The most extensive propaganda and censorship apparatus in the world
  • A patriotic citizenry is a highly motivated citizenry (eg. US in WW2)
  • The court of public opinion/shame is leveraged by the state (versus cultural personalities in the US)