Personally, I do however have more faith in the secret agencies of western democracies than China. So all things being equal, right now I'd prefer Americans and Germans spied on me.
However, as a citizen and resident of America I'd rather be spied on by China, because it's a lot easier for my own government to make trouble for me.
The values of the regimes in control are transient and ever changing. You might be okay with it right now - but maybe not in the near future.
There is no real way around the fact that national intelligence agencies need to conduct mass surveillance of various kinds. National intelligence is a competitive zero sum game, and if we don't do it, others will, and we'll be at a disadvantage.
The same is not true for policing, however. The real danger to citizen rights is when the crossover happens. I'm not worried when the CIA spies on me - i'm worried when the FBI does. I'm worried when the tools of international intelligence get turned to more mundane matters. And I think that is the transition that we have to fight tooth and nail. Fighting the "don't spy on me NSA" battle was lost decades ago, and you were never going to win anyway in any material way. Because even if you could stop the NSA from doing it, every other government in the world would be doing it.
What we need to do is fight to keep that surveillance contained within the international intelligence mission, and not let it creep into domestic policing.
They only care about what is valuable to protect and advance their geopolitical and commercial interests, which are remarkably similar.
Crypto AG was gold because their products were used by governments and perhaps high level business executives.