The Chinese have already signalled that they recognize that communism is a failure. It's purely about power now. They are playing with fire now, thinking they can allow "controlled experiments" with a free market without other sociopolitical effects. Time will tell if they get burned, but we should do all in our power to make sure they do.
SD
Apparently we see the same shades of red over China.
They can call it communism or they can call it applesauce - it's still about a dictatorship that has complete domination over its own people and (I believe) seeks to dominate other countries. So maybe they are moving from Communism to Fascism - I don't think it matters in terms of what's gonna happen to us. The only difference is with Communism they would just end up hanging themselves, with Fascism (limited capitalism) we will sell them the rope they'll use to hang us. They are still our enemies just as they have been for decades - we're just not bright enough or too greedy to recognize it.