Thank you for your comment. People would be shocked at how many hazards they avoid because of those regulations. I'll defend China here a bit, as they are improving (at the cost of competing with other, less regulated countries, the irony).
And the cherry on top: those "cheap" items are heavily subsidized from multiple places, including postal fees. When the local production gets extinguished (and it won't come back easily, as "know-how" people will be retired) those prices will change.