Now which is more embarrassing, that or the communists abandoning their ideology and adopt capitalism after decades of declaring communism to be the future of mankind?How embarrassing it must be to first side with "Communists", and then next borrow money from "Communists".

Deng Xiaoping realised that Communism was an ineffective system, and started market reforms in the 1970's... which was a long time before the collapse of Communism in the 1990's.
On a serious note, China will fix the mess, but it'll take time. Things will really get rolling when Kim Jong Crazy dies.