Well you should be far more wary of what your government will do with such data than a foreign one continents away but i don't think that's the difference you were looing for.
Should you care about what your own government does with your data? Absolutely, 100%, no doubt, big ticket issue, fly the banners as visibly as possible. But more than an adversary? Not even close.
"Adversary" is assuming your conclusion. My own government has plenty of incentives to attack my business (I've got plenty of competitors who would support them in doing so), far more so than the government of China.