I find it sad that we're in an environment where assuaging these concerns can be a complicated and difficult undertaking, and even trying to understand the landscape is a big challenge. Lots of people see it as risky to use technology developed in another country, and while some particular fears and theories are overblown, it's hard to dismiss the overall concern.
China doesn't keep its surveillance a secret. They don't go out of their way to publicize it, but they don't seem to care if people know it's there. A backdoor in an app would fit their style better.
Based on my experience working and developing in China, I would say I can all but guarantee that the Chinese government is viewing and editing all data as it pertains to wechat. All chatlogs, all private conversations, all financial transactions, all GPS coords for checkin locations, all of it. They may not be doing anything with it, but it's being stored.
My public posts on my discovery wall were removed and my private messages were also deleted. My fiance also noticed lots of generic pro-government messages in her feed at the time.
I don't believe there is a back door, just a connected office.