(Disclaimer: I am an enthusiast of discussions around planned economy and wish we talked more about it instead of dismissing it as failed communism)
China tried centrally planned economy. It resulted in tens of millions of death in the great famines of the 50s and 60s.
Planned economy where a strong state and a market economy coexist, on the other hand, is a model that had success in many places. Not only China, but post-war France or South Korea had state plans but also economic freedoms.
My opinion is that there was absolutely no way in the 70s and probably just the glimpse of a chance nowadays to have the processing power and the amount of information to manage all the details of a national economy.
The emergent markets take care of all the information that can't be in the supercomputer of the central planning: that Bob's potatoes are tastier than Alice's. That Charles is more serious in his plumbing work than Yoshiko. You absolutely need an emergent system at that level.
It is true, however, that on a national scale emergent systems can have bad behaviors. It all hinges on individual, local decisions. A policy can't really emerge. That's where you have a state to step in.
South Korea, for instance, decided that it needed a steel industry, because it wanted to make warships. Market forces thought it made no sense to make steelworks so the government forced it.
France decided to go nuclear on public funds because it anticipated the Algerian oil would become harder to get for geological and political reasons, but the market thought oil was cheap enough!
And China is interesting today. I wish we looked further than its (obvious) authoritarianism and were able to look critically at its economic system. It is an oddity as it proposes a solution to blend communism and capitalism.
In capitalism, the idea is that you can get dividends from your investments in a company and that you can buy and sell shares. That's 100% possible in China. In communism, the idea is that the means of production belong to the people. And, in China, the end owner of most big companies and of the biggest holding structures in the country is the state. Now to call it successful communist you have to believe that the Chinese government is representative of the will of the people, which I do not. But I also think that the system they implemented would world equally well if China was a democracy.
Really, we need to consider the Chinese economic system separately from its political system. Use capitalism for the local day-to-day individual decisions and state-planned economy for the long-term global strategies. The invisible hand won't handle an energy transition or plan for a 20 year overhaul of the electric grid.