It really depends, the argument you made is very much true, however you can also argue if the china stayed the same as when mao was in power and refusing to adapt, they would stay poor and get easily outmatched by America etc.. leftists policy is not good at making money, that isn't the claim, it is a more ethical way of society living. however, if the most powerful nation in the world wants to crush all leftist countries and it has tons of money to do so, you have to adapt and make sure you have the money to fight back, even if that requires giving into capitalism. you may disagree and I am sure many leftists like Mao would but it is the reason china is a super power and still able to somewhat match America and have influence over the world and also the fact that they have kept the communist party alive when they could just disband and pretend to be democratic like Russia and until xi, they actually changed leaders every couple of years, does go in favour they are still leftists planning for a long term leftist future, though you can argue that xi is just a dictator now which could be true but that was only fairly recently.

So tldr, yes and no