>With this reality, why would any government risk allowing Huawei in their networks?
Well firstly because the USA does the same thing. Being technologically ahead, it tends to work on giving it's companies an edge over regulators or competition rather than stealing tech. But no one is being fair here.
So you're not choosing between a good guy and a bad guy
I'm happy to agree the USA is morally less repugnant than China. I'm neither American nor Chinese but I'll take US hegemony over Chinese. But that's still picking the less bad option.
And either way, you lose some sovereignty. And both nations will be in your infrastructure whether you buy their kit or not, because most such espionage is software based, so it doesn't really matter.
So the question is really not the one your asking. A better question is, "how much will I lose to the security issue and how much will I gain from the tech I'm buying and how does this affect everything else I am doing including relations with both sides?"
Since China has better 5G tech, and the loss is the same, you buy Chinese based only on the first part of that question.
And that is the reason the USA is making so much noise: since the 70s, after the US got scared into pushing for technological progress by sputnik, the USA has been the leader in tech. Now Cisco etc have dropped the ball and the Chinese have edged ahead in this one product...
It's also worth noting how unfairly EU/Asian companies have been treated in US markets over the last decade. There might be value buying Chinese to dissuade US bullying given that the age of peaceful cooperation (economically) seems to be over (Deutsch bank fines, Toyota recalls etc).
Plus increasingly the EU wishes to deviate from us foreign policy and have its own policy. China doesn't care unless you're messing about in their back yard because they don't have much foreign policy beyond there. But the US expects compliance world wide. If you buy Cisco, and then refuse to sanction Iran for no reason, will you still be able to get Cisco spares?
You can disagree with my assessment of parts of this, that's fine. But the point is, this is 100 times more complex than buying a knock off version with security flaws or a proper piece of kit...
https://www.theguardian.com/world/2013/sep/09/nsa-spying-bra...
https://www.cnet.com/news/nsa-spied-on-eu-antitrust-official...
https://www.theguardian.com/world/2020/jan/16/iran-says-it-i...