China chill? The legitimate concern is that China is controlling the way certain messages are pushed ("the algorithms") to control topics that they have an interest in. I.e. pushing misinformation to drive support for Trump or Biden, as an example. That is not free speech or privacy, that is malicious interference and the the fear of the US doing this is the sole reason China has already banned similar US apps in China.
That is also the reason they would rather be banned than to "give up the algorithms" (they certainly won't allow anyone to see how they push misinformation).