Is buying a chinese phone risky???

It depends on what kind of risk you are talking about, if you are more concerned about your data, then answer would be "Yes", as most of the Chinese phones come with pre-installed bloatware like custom browsers, cache cleaner, games, health apps and other utility apps that have all possible permission to your system. These bloatware store data about user preferences on Chinese servers, which can be later used for commercial as well military purpose