This matters. It will help facilitate a worldwide safety standard. But it will also introduce a competition between governments. This is an all-around good thing.
http://longevityreporter.org/blog/2017/6/1/embryonic-stem-cells-trials-launching-in-china
In 2015 China adopted new regulations to facilitate the safe use of stem cells in trials – dealing with a previous unclear framework allowing unproven therapies to be marketed. As a result of these changes two new trials are set to begin very soon.