This seems like another instance of doing something that seems bad for the greater good. I somewhat disagree with your opinion that we should work toward a unified set of ethical principles, mostly because that would cause a lot of problems between nations.

In my opinion, one can't ethically impose their own value system on that of another culture. I have come to find that this is the most consistent guiding principle in my life, but that's another discussion entirely. If you want to read more on it I recommend the book Lila by Robert Pirsig. It's an interesting read, although it's far from exhilarating.

That said, there are definitely problems with letting the Chinese and anyone else go their own way. While I'm against a unified ethics system, I do think a better system for testing things preemptively is needed. I don't claim to know enough about science to know of any possible solutions, though. I can just see China's speed and competitiveness of development leading to problems when they don't look before they leap. For instance, the process where they do something, look at the problems, then fix them could be an existential threat when it comes to something we only have one chance at, like Artificial Intelligence. While it seems like a huge leap, this article and its follow-up provide valid reasons why humans need to take the utmost care when pursuing science. (Long read warning)

Overall, I definitely have mixed feelings about this, but I think for now I'm somewhat glad there is a group of intelligent people who are willing to do what is not allowed elsewhere for the betterment of man. By the time the potential Great Filter of Artificial Superintelligence comes around, I think China's economy and rate of growth will be somewhat slowed and stabilized. Of course, that is complete speculation on my part.

Thanks for sharing this article.