Generic modified food is banned in Europe. It do has risks.

First, seeds production has become a big industry in U.S. About 70% goods export in U.S is agricutural products.  If China move to GM, that means it has to buy GM seeds from U.S, the seeds of Chinese food will be controlled by U.S, and lots of national income will lost to buy thses seeds. If this is a small thing, the most important risk is when a nation's production will be controlled in another nation's hand, especially that nation wants your destruction, that will the biggest risk for national security and public safety.

Second, GM food do post risk for health, that's why the current popular food are organic and no-GM even in U.S and Canada.