'Regulation' is not a solution for countries that do not answer to the morals of the West, such as Turkmenistan, China, or Russia. Regulation should be demonized, for many situations it ends up being a hammer to a screw.
It's interesting how so much of what we used to consider 'being a decent person' is now 'virtue signaling'. It's the most cynical, worthless meme to come out of the last 50 years and that's saying a lot.
US, EU, UK and friends are still buy most of China's export and no doubt US corporations also capture majority of profits from all polluting manufacturing.
This is not to dismiss the challenge, just that we shouldn't avoid hard problems just because they're hard.