Yes. The serious analysis is that the Communist Party of China didn't just "go capitalist", it's socialist with Chinese caracteristics. They did allow for a massive inflow of capital, but they reigned it in in such a way that the country would industrialize and develop, and not just be exploited for resources and cheap labour as it happens with India, Pakistan, Bangladesh, Indonesia or Philippines.
If I brought up South Korea it was to explain why the capitalist model doesn't seem to work for everyone, not because I like the south-korean fascist dictatorship. It's very easy to industrially develop when the American policy is to industrialize you through massive investment in industry and with tech transfer because they want you as a loyal military base, and not as an enslaved peripheral colony. The problem isn't "corruption in poor countries", because China was poor and it did develop, and the Soviet Union was poor and it developed. The problem is finding the correct formula for industrialization while not allowing the western empire to demolish you for trying. The Soviet way was self-suficient economy, state-directed 5-year economic plans, and safety through nuclear deterrence. The Chinese way was to antagonize the Soviets to become a western pseudo-ally, attracting investment from the western capitalist companies in the sectors of the economy they wanted, and to reign in these investments so that China wouldn't be a colony but an industrialized country with sovereignty of its own. Without communist parties at the head, Pakistan, India, Phillipines and Indonesia couldn't manage this.