Only the USSR was already an industrialized economy. You couldn't make reforms like Deng, where a large part of the Chinese community still worked in agriculture. The only hope is to create JV companies like the Czechs.
What i mean is that Gorbachev's reforms were kinda half-assed, his economic reform was to open businesses for specific fields, the issue was that the resource extraction and prices were decided by the government, which meant that businesses had frequent issues with supply and stuff
Basically, imagine building a radio, you need a bunch of supplies and electrical components, you buy said materials at a fixed rate and build it and sell it. the Soviet government would decide how much resources you would get every month to build radios. After the first month of private business, the radio's are selling off the shelves, as a result you plan on expanding the factory, you go to the local state planning committee and ask for an expansion, they approve. 6 months later after construction is complete you request more resources, but as the supplying companies are owned by the government, they have not expanded to adjust to your higher output, or one critical component has fallen behind in production. This means that the capital spent is not matched by income, and as a result of price fixing you cannot sell your product with a profit, and by the end of the year you are out of business
Basically the Soviet government was super sluggish, reacting to business who's requirements changed every week to every month was too fast for the government planning committees that decided these things. Had Gorbachev done the JV method or Chinese method, the economy could possibly have reacted faster and not dropped
Chinese method was to have state-owned business run like private corporations, basically remove the government out of that sector but tieing it to the government going forward. Stuff like Special Economic Zones was to encourage foreign investment in China, which is why companies flocked there in the 80s-2000s due to extremely low labor cost
The Czechs also did a lottary system for the business, selling it to private people and a business, but the way they did it meant that it was spread out with no "super rich" businessmen like in Russia. Russia basically had auctions which sold companies to the highest bidder, and created the oligarchy overnight
The biggest change to make Gorbachevs reforms more successful was to replace the openness policy, Deng had an iron grip to reform the country and only gave up power slowly to make sure the changes stuck. While Gorbachevs openness policy meant that people knew their government sucked and wanted change, which was what he was trying to do
Free market capitalism like in the west is built on every business and their chains of supply adapting to changes super fast, the Chinese did this to huge success while maintaining their power, even though their "communism/marxism/kinda stalinism" is borderline gone in most cases (besides labor and reeducation camps). Gorbachev was a dedicated communist who believed that it could be made better, his attempt was very well intentioned but not ultimatly successful
As somebody said on this forum earlier, for the Union to stick around they have to be willing to shoot people and have an iron grip for 20 years during the reform