The plan is for there to be an extra-national body that will have the power to regulate.
China was not really given a free hand. They agreed, but refused to allow external verification. Retaining the ability to report themselves how well they are doing.
The whole plan is for the "rich" countries to pay the "poor" countries for having ruined their air over the years. Here is a bit of info on UK and Europe. They signed on to Kyoto and yet after some ten years their CO2 emissions are actually higher than before. Yet the US without signing on to Kyoto has continued to reduce CO2 emissions
By this I presume you mean China, as I said above they desire to control the data reported.