While I agree, I think in most cases there is a “morally right thing to do”. If the laws in certain countries go against the right thing, then maybe it’s time to go against those laws. Of course that’s easy to say as an individual. For a company it essentially means giving up your market in that country.
I don’t think that matters, if you’re the CEO of a company, and are doing business in a country where you’re obliged to give up your morals, then it’s up to you to either throw away your sense of right or wrong, or give up the country and stand up for the right thing.
Once you do business in a country, you follow the country's rules.
Simple as that.
You don't get to pick and chose or impose your own (and usually, your own culture's and governments and national interest's) ideas and laws.
Unless of course the country is a banana republic, which China isn't.