Immelt is wrong- the Chinese economy is not state run communism, but state run capitalism.
Yes it does run better than communism, it is poor on human rights, and on freedom of speech, an improvement on what they had before in all respects especially economics, strong on cronyism. Yes the growth rate is not sustainable. Consider, what would happen if China truly opened up? Is it a scary thought, or is it inspiring?

Under Immelt, GE is big on climate change 'green energy'. = energy produced with government subsidies covering 60% to 95% of the costs. In the case of wind energy generators, they need rare metals produced only in China with great environmental damage.

I also would like to add, China's wealth has grown because they have finally started protecting property rights (theirs, not yours). People are creating wealth not due to a "5 year plan" but because owning property is a great motivator for people.

He is all over rambling, however:
1. They are moving to a consumerist economy. Consuming more locally is fine, but does not drive the economy. Consumption does not grow the economy. Drivers are innovation and production.
2. Here is a US CEO of a Fortune 100 company touting communist 5 year plans and that they make sense for China. Like there is a different set of rules for some countries not others.
3. The only way Immelt knows how to grow his company is through government force. How are those light bulbs working for you?