Does China prove the superiority of market economy?

The economy and standard of living in China was ruined by the Great Proletarian Cultural Revolution ordered by the Chairman Mao in 1960´s. After the death of the Chairman, the economic direction was changed in China towards the current system, where communistic dictatorship is combined with a market economy. 

That has led to great progress in the most populous country of the world. And now the statistics tell the Gross National Income of China is soon going to reach a level of $12 000 per capita. 

That means Chinese people are reaching the level of citizens of Costa Rica or Venezuela and has already passed over e.g. Russians, Malaysians, Bulgarians or Turkish. And even the standard of living in countries like Chile, Uruguay or Hungary will be reached in the next ten years - provided that the growth rate of China corresponds to the development of the last twenty years.

At the same time, China has become the second biggest economy in the world - and the difference to USA is narrowing quickly. The difference in GDI per capita between the two is, however, about sixfold - and therefore it very clear that the difference in the welfare of the two biggest economies of the world will be huge for decades. 

Taken the facts above, it is very clear that even a communistic rule may produce economic welfare despite the horrific examples provided by the Soviet Union or - more recently - Venezuela. The key to that is, however, to give up on the economic principles of Karl Marx and Friedrich Engels - and definitely avoiding Leninism as a means to apply their ideas. 

Instead it might be worth noting that the example provided by Xi Jinpin´s China seems to prove the superiority of market economy over socialism. And it drives me to consider, if more strict market economy should be preferred over the milder versions of socialism - such as Nordic social democracy? 

After all, considering other aspects usually thought to advance economy are excellent in the Nordic countries. The freedom of speech is among the best in the world, democracy is challenged in no ways and people are highly educated. Despite those facts, their economies have become more or less stagnated (Finland, Sweden, Denmark, Norway) during the last decade or so, according to GNI.

For me, these notions will be of extreme interest in the becoming years. And therefore I intend to follow future developments in the Chinese economy - and make conclusions about the contributions of market economy and social democracy by comparing future developments in China and the Nordic countries. 

Previous thought on the same topic:
The main consequence of Putin´s attack to Ukraine
Once upon a time in China and Taiwan
Could China take advantage on the weakness of Putin´s Russia?