Yes, short of a revolt this is the only way the people of China will ever have a real voice in their government. This would open a window to improved human rights and would chart a path that might avoid a devastating uprising. The people of China might choose to continue with a communist system but at least it would be their choice. I would love to see them offered the gift of choice.
The party argues that China needs it. If so then it should be able to make a good case for reelection to the voters even when having to face opponents. Opponents would keep the party honest, and it's not beyond the pale that the party would still win as Communists have been freely elected to form governments in places and times like Nepal a few years ago. If the party is truly the right one to run China's government then this would force the party to put its best least corrupt officials into office and do an even better job.
I am not a communist but I will acknowledge that "Communism" isn't itself bad nor is it inherently anti-democratic. It's just a certain political philosophy which presents certain ideas and when these ideas contest governments freely and fairly with others it can result in a better social equilibrium. When it monopolizes power it becomes free to ignore even its own ideals such as the complete joke of the party taking people's land under the guise of "it all belongs to the state" and giving it to corporations.
Though I'm not a communist because I don't think we are at the right level of production I do think a Star Trek-style communism (Star Trek has no money) could work once we reach a certain level of automation providing for enough abundance. Repressing people isn't going to do it though.
Elections in general are a terrible idea. Who gave a majority of the people the right to rule over the rest? Majority rule is another form of might is right. Communism is an abomination, and so is democracy. Let's get rid of both of these horrible systems. Replace communism with something else, not democracy.