1 country spying on me is better than 2
From the perspective of the global citizen, arguably the USA would present more unilateral risk. The USA wouldn’t hesitate to act in their own interests in a way that screws others over. Then again, China has even less scruples, so it’s a lose/lose situation here.
Plus I have nonzero but small legal rights and remedies to mitigate my own country's surveillance of me.