This question is not really a good question for /r/AskHistorians as this particular question is more of an anthropology question. That said:

Red as a symbolic color in China has always been considered culturally lucky and associated with joy way before the Communist Revolution in China. The color red is used a lot in old architectural design and is especially used in decorations for the Spring Festival (Chinese New Years, which has a focus on luck in the New Year, thus the future) as well as for weddings (luck for your married future). Red is also considered taboo to wear at funerals since red is considered a happy color and is considered improper to wear during a time of mourning. The idea of Red being the color of the Bolshevik movement was imported from the USSR and the coincidence of red being lucky and a symbol of Lenin's movement was not unnoticed by the Chinese. For instance there is the famous song and ballet/film called the "East is Red" which champions Mao and Chinese Communism comparing them to the "red" rising sun which symbolizes a new and more joyous "dawn" and future for China under the leadership of Mao. For the West the color is more so associated with Communism in general but in China the coincidence gave an opportunity for a useful propaganda device to encourage people that Communism was the source of where their bright future is coming from. So yes the two are fundamentally tied together but only because of the previous cultural association and not because it was later implemented.