Change is definitely possible, but unlike with CFCs some very rich, powerful, influential people are meddling with the affairs of every government around the world. Reducing CO2 is affecting the bottom line of some very important people and that's what will cripple many countries more than any real economic ideals.

China's emissions aren't even all that high when you take into account their absolutely massive population. Oil states, tiny states, and western(ised) states are still the top polluters. Per capita, China is about on par with north-western European countries. The average person in China emits between half to two thirds of the carbon emissions the average American citizen emits, and countries like Canada and Australia carbon footprints similar to the USA.

The Chinese carbon emission reduction industry has been so effective that their solar panels had to be taxed extra or even banned from import into the EU because their cheap solar power was killing the European industry and creating an economic dependence on China. While the west is working hard on reducing our dependence on fossil fuels, upcoming economies like China and India need to deal with prevention as much as reduction. Frankly, it's amazing how much these economies have managed to limit their carbon footprint despite their massive population and rapidly increasing wealth.