I would not say China is a good example of markets and central planning being effective.
China is having big problems with it's economy just now.
It had great GDP numbers for many years, much of it on the back of construction. Now the state owned developers are effectively bankrupt. They are being propped up by the state, and the state owned banks, while the developers keep building. There is a massive over supply of housing and buildings in general, but the model was for property prices to rise. They can't let prices drop, they can't take the hit to unemployment if they wind construction down, and they can't take the GDP hit if the supply chain collapses. So with massive oversupply, central control just says build build build.
A mate of mine works in an industry that supplies construction, and the developers can't pay their bills. They are trying to barter unfinished apartments instead.
Electric cars (EVs) are another example. Again, state owned car makers, state capitalism loans for investment that appear near unlimited, and massive over production. They can't sell the Evs they make. Even with the full might of the Party fighting against tarrifs etc.
The EV situation is mad. The makers get a government subsidy per car sold ( and remember, these are state owned makers), the makers can't sell them, so they are doing what is called zero miles used cars in the Chinese market. The makers buy their own cars, store them, and claim the subsidy. Then to try to make up the loss, they try to sell the stored cars second hand super cheap.
The industry is propped up by the guv. And also, because so many makers now depend on the government subsidy, they cut costs on the EVs. After all, loads of them are just going to be stored in fields.
And now it is AI and robots being given the same treatment.
The state owned jet airliner is not selling either. A state owned company makes it, the state owned airlines are told to buy it, financed by the state owned banks, and they have delivered about 25 or so. And from my understanding, the planes are too expensive for the airlines to fly.
Of course, all media is state controlled too, so the PRC economy is fantastic. At least the reports are.