The Communist Party of China (CPC) wisely adopted capitalism. The country would have collapsed if they did not. George Reisman explained why communism, as an economic system, cannot work. See here.
What about freedom of speech?
It would not be wise for the CPC to introduce freedom of speech overnight (otherwise they risk destabilising the country); but they could introduce it one issue at a time. Because of tensions in Northwest China, the following would be a good place to begin. The Third Choice.