China has been doing okay using that sort of high level planning, where the government supervises a lot of the economy and limits the movement of capital.
You really think that? Talk to any of the chinese citizens that have fled the country to live elsewhere. Certain parts of how that government runs may look good from afar, but not if you are actually living under their rule.
China has the strictest capital controls there have ever been.
The other stuff, sure no, but I wondered if you were making a broader point about a controlled economy, which would be a point that China increasingly contradicts.