Some European agencies want the US government to spy on European citizens because it is illegal for them to do it themselves but it's not illegal for them to obtain information about European citizens from US spies. Whether the European citizens want to be spied on is another matter.

If you're a European citizen or company you might well prefer to be spied on by the Chinese because there's little danger of the Chinese getting you kidnapped/extradited. Also, if your competitors and business contacts are more US than Chinese then the possibility of Chinese commercial espionage is perhaps less worrying than the possibility of US commercial espionage. It seems likely that US agencies sometimes provide information to Boeing to help them compete against Airbus, for example. I'm thinking more of contract negotiations than technological secrets, of course.

Getting equipment from several suppliers seems like the best plan, generally. You can then play them off against each other not just for price but also for openness and forcing the supplier to allow security audits. I've heard that Huawei has been very helpful in that respect, because of the pressure they're under.