The only significant "China risk" for European companies is future western sanctions on China, not anything China will do. Washington will one day come up with an another "stop China" plan for whatever reason. Brussels will follow it without question or thought about negative effects on Europe, just because it's given in Brussels that EU will follow US wherever it goes. EU has no ability or even the will to do otherwise or really stand against the US for European economic self interest.

Chinese market and manufacturing is not something European companies they can do without anyway. Especially after the current sanction war, the economic necessity for trade with China has only increased, but so has European reliance on the US. European companies just have to go for it and pray that Washington will not fuck them over (they will).