Peng Shuai, page-154

"If China still had Communist mind set, they would not grow so quickly."

Communism/socialism is not a mindset it is a globally integrated economic system based on the needs of humanity, not the profit interests of a tiny minority.
What failed in China and Russia was the nationalist "socialism in a single country" so the CCP turned to an alliance with the US and opened up to the world capitalist economy.
China's capitalist economy is based on the exploitation by global and Chinese corporations of the largest working class of any nation in the world.

Yes it gave a huge boost to the Chinese and global economy but has all the same contradictions and problems of any capitalist economy (Evergrand).

"Further, they were smart enough to re-invested their profits into better infrastructure, to increase their competitiveness."

Agreed, that is one reason the Chinese economy threatens to overtake the US economy in some areas.

"Whether we are part of it, will depend on whether we have a new PM next year."

Won't make any difference. The labor party is fully on board with the US war propaganda and war preparations against China.