>> Meanwhile China throws caution to the wind and innovates like we used to.

Not in aviation they don't. Why? Because there are two certification bodies, FAA and EASA. Anyone who wants to fly anything in the world has to certify his tech with those two (unless it is used purely domestic, but than it can hardly be called aerospace or aviation). That includes Russian, Chinese, Japanese, Korean, European and North / South American manufacturers.

The reason why certification standards are what they are is safety. Aviation became one of the safest industries for a reason. The 737 MAX debacle showed pretty well what happens when those standards are not adhered to. Is it a slow process? Sure it is, but it is what it is for very valid reasons.