It was liberalization in addition to strong and relatively benevolent enforcement of the market.
Just allowing the existence of private enterprise doesn't mean much when institutions are weak or corrupt. If you know everyone isn't playing by the rules, the most you can accomplish is rent-seeking while everyone tries to make each other suckers.
If all you have is a strong ML-style government and no liberalization, however, then there's not much of a point in finding opportunities to invest because everything you have is at the mercy of the Party.
China succeeded because investors gambled correctly that liberalization would be accompanied by credible governance, and it can all go away if and when the credibility for investors and entrepreneurs is replaced by Xi's neo-Maoism.
Just allowing the existence of private enterprise doesn't mean much when institutions are weak or corrupt. If you know everyone isn't playing by the rules, the most you can accomplish is rent-seeking while everyone tries to make each other suckers.
If all you have is a strong ML-style government and no liberalization, however, then there's not much of a point in finding opportunities to invest because everything you have is at the mercy of the Party.
China succeeded because investors gambled correctly that liberalization would be accompanied by credible governance, and it can all go away if and when the credibility for investors and entrepreneurs is replaced by Xi's neo-Maoism.