"Which way is right?"
Ultimatly we all lose. The trouble is no-one can acuratley predict what the effects will be.
I read an article which predicted two outcomes for the Scottish climate in the next 50 years.
1 - The temperate rises - we lose some land, and a large perportion of indigenous wildlife. On the plus side we could now have the climate for grapes and vineyards - a good 500 miles north of the most northly vineyards in Britain today.

2 - The Gulf stream shifts southward (its getting a bit erratic now) and most of Nortern Europe is plunged in to a new ice age. Plus side - none.

As for the Chinese, if they are willing to let others pollute there own backyard in the name of prosperty - so be it. As for the ethics of the businesses that choose to do that - Shame on them . Its sad reflection on our culture that we allow the persuit of money to override all other considerations.
We will all have to lie in the bed we make for ourselves.