Regulating search engines?

In addition to the attempt to standardize the Internet of Things,  the Chinese Internet [community] is also paying attention to the regulation of search engines.

Baidu – the leading Chinese search engine and potentially most formidable competitor for Google in the long-run – has joined the Internet Society of China and the China Communications Standards Association to publish a set of search engine marketing regulations aimed at “developing the sector as a reliable source of news and business”.

Officially, the idea is to drive out disreputable companies who tarnish the reputation of search engine marketing in China. Something of a twist since this comes one year after Baidu came under fire for blocking searches containing words associated with the melamine milk scandal or having accepted money from fraudulent medical companies to figure prominently in search results!

What if this self-enligthened effort at self-regulation was to spread outside of China?  And, more importantly, will Google join the bandwagon?