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If we don't really object to sharing our data with a wide range of u.s. companies, why would we care if it is shared with China or anyone else also?

Chinese companies are harder to monitor and learn about. More importantly, they are not bound by and/or are unlikely to follow any data privacy laws.

On the other hand, American companies don't seem to be bound by the laws that we think they are either.

As example, I'll submit PRISM (while admitting that we're still not 100% clear on that) and the retroactive immunity provided to telecom companies.