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)