China has apparently failed to make an effective COVID mRNA vaccine despite the fact that the composition of Moderna's and Pfizers vaccines are well described in the journal and patent literature. There must IMO be trade secret aspects of actually getting the LNP to form around the RNA core.
Assuming the above is correct and being certain China will not respect any of Moderna's IP and trade secrets, I think Moderna is nuts if it builds a factory anywhere China can get a peek inside. Moderna has a very valuable platform. Why share it with a bad actor like China?