Ideally, we would have funding for chemical recycling of plastics which would make a circular plastic economy. I don't know if this is actually a viable solution at scale but it's the dream.

I wonder if that would financially work out and not just make it so expensive to ship our recycling over there to no longer make sense, causing us to ship the stuff to the next cheap country throwing it into the ocean again.

It all depends on laws/incentives, landfill locally would surely be cheaper than shipping around the world for recycling/"recycling". So we would need to invent the process and pass a law that encourages or forces its use.

Eventually, you go through all of the countries like this so that you have to deal with your own shit rather than shipping of to someone else. This would be the ideal thing would it not?