New Law Against Animal Testing

Today the new law against animal testing for cosmetic purposes will be applied within the EU. As I understand it, all cosmetic products that are sold within the EU will have to be free from animal testing in all stages of the products development. This sounds too good to be true and I bet it is.

What about the companies that sells their products in China? They will still have to test their products on animals there, because Chinese laws requires this. How does that work out with the new law?

I'm pretty sure that there are at least a dozen loop-holes that the DO-list companies can worm their way through to keep from changing their policies. Or am I wrong? Is this really the beginning of a cruelty-free cosmetic industry?

Your thoughts on the subject please!