How about as a lover of liberty, _nobody_ snoops on our data?
But in general, backdoors for "the good guys" are just more surface area for "the bad guys", and developers of products which take security seriously lock themselves out too.
The proper solutions to protect us from "China" are the same as the solutions to protect us from NSA - E2E encryption, P2P communication, decentralized namespaces, and making data transmission (ie trust) as non-interactive as possible.
I don't see how it's possible to answer whether this will "function". None of the simplistic actions stated in the press release address any of the actual threats - hence everyone is filling in their own imagined technical specifics. This is basically another "series of tubes" moment, with politicians not understanding that while they can control the physical wires, they cannot control the emergent complexity of communications happening over the wires.
[1] For example, https://en.wikipedia.org/wiki/Crypto_AG