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Second, Beijing deploys powerful industrial policies to make Huawei equipment cheaper to deploy than the three alternatives.

For the telecom companies making network equipment purchases—and the national governments who regulate them—the security risks associated with Huawei equipment are theoretical and hard to quantify.

As Huawei gained global market share, its revenues rose, and Beijing adjusted its subsidization toolkit.

China’s 4G mobile equipment market accounts for around 40 percent of the total global market.

Its 5G market is projected to account for at least 50 percent of the global market.

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