You're right: There's nothing we know right now that provides full guarantees that we can avoid all the harms that powerful AI systems can bring in. However, it would be foolish not to try to move the needle towards more safety. In particular, we should be making sure that companies here behave well.
As for what Chinese organizations are doing, we should prepare countermeasures, and maybe this is not the purview of this law. This is more like a national security investment that needs to be made in order to protect Canadians against these attacks.