> I wonder why we don't see a backlash against companies investing in China like we see against companies taking Saudi money?
It's a little, like the reaction against Google's project Dragonfly. However, it'd be much harder to sustain: it seems like nearly every Western company is investing in China or chasing customers there, so it's hard to single a few out for protest. You'd have to protest against all of them.
The Saudis aren't nearly so ubiquitous, so they're easier to reject.
China HAS the money to invest itself much like the Saudi’s do. Chinese VC money chasing Chinese investment opportunities is obviously not going to create a backlash. I suspect even YC China is setup to support Chinese VCs rather than to inject American VC into China, but I have no documentation to back up that hunch.