"Can the Soviet Union gone the way of China?"
The consensus here seems to be no, not completely. China had suffered many disasters which had totally discredited the old guard. The average Chinese simply had nothing to lose by the time the Gang of Four fell. It helps that someone as ruthless as Deng was able to silence or remove any opposition to his policies (he was also shrewd enough to call his plans market socialism instead of capitalism).
The average Russian at least had experienced the significant gains in living standards. Party apparatchiks, the army, and KGB did risk losses if economic reforms were introduced, and it appears Gorby was too naive to be as ruthless as Deng.
People assume China's boom was wholly due to western multinationals taking advantage of cheap labour, but that's not the whole truth. In the 1980s, China's boom was driven almost entirely by agriculture and light industrial development. It was only in the 90s that consumer goods production really boomed.