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China wants to go further than the U.S. From the article:

"requires companies to also keep servers and user data within China, supply law enforcement authorities with communications records and censor terrorism-related Internet content."

Last I checked, the U.S. does not require companies to keep servers and user data within the U.S. or censor terrorism-related content.

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I think this is related to Chinese user data. Europe requires the same thing. European data must stay in Europe and European authorities must have access to that data. U.S. must not have access to, nor jurisdiction over that data. I think that's fair - it's basically a "You cannot spy on our citizens, but we can".

Of course, as people are becoming wise to these tactics, they're doing what they did with their money back in the day - sent it somewhere neutral that has strong privacy laws. Outside the jurisdiction of countries that will spy on them.

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