As an Australian.. politically I need to worry about business data touching China. It will come up at a Risk Advisory Committee meeting as a serious issue.

In actual personal practice, no. China having my data presents no actual impact to me, America will do things that impact me.

Exactly. And I feel the same way as a US citizen.

China is mostly interested in geopolitical stuff and getting an economic advantage, plus they have no jurisdiction in the US. Your data in the hands of the US government however could potentially land you in prison.