>There are a lot more limitations and checks on what the US can do.

I am a German citizen living in the UK and I own a Huawei phone. A while ago the American president issued a domestic law and I still don't know whether my phone will be usable in the future or not.

I am not aware of China having any ability or willingness to do the same. As a European citizen I am accustomed to feel the effects of US politics, I can't say the same thing about China.

If anything the loss of US control in the future gives me modest hope for more alternatives and competition.