I nailed your point exactly. You held up China as having unsafe consumer products, and I agree they do. However, you think the cause is lack of regulation when in fact China has very little economic freedom relative to the U.S. Your answer? Become more like China. My answer, is to have consumer products truly "promoted by the people" by allowing them freedom of choice over what they consume. You want to force your choices on other people...you want to utilize the power of the state to coerce people into buying CFLs instead of incandescent bulbs, or regulate the size of soft-drink they drink. Such laws, although they have the blessing a democratic majority, are no less tyrannical than China's communist regime.
It should be noted too, established regulatory agencies in the U.S. act in the same manner as China's communist apparatchik. Even though these agencies were established through democratic means, they create regulations with delegated authority, and have the ability to coerce (levy large fines, shut down businesses) all without the due process of law, and without those regulations being approved by elected legislatures.