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You reasoning misses an important aspect: the incentives.

Does China government have the incentives to take the advantages when it has the opportunity?

Does Huawei have the incentives/disincentives to/not to respond to the demands of the government?

Huawei does have disincentive not to respond to the demands of Chinese governments because its hardware is opened and checked by other governments. Installing a backdoor has a good chance to be caught.

You probably underestimate the mindset difference between the American's skepticism toward the government (as this thread shows) and how the Chinese tend to see their government as a parental role. When a U.S company refuses to be complicit in unjustified spying, you would see the public opinions inclined to praise the brave and blame on the government. On the other hand, it is much tougher for a Chinese company to be disobedient to the authority, especially when it comes to kinds of stuff like national security. The best case is you are not regarded as a betrayal and getting boycotting aggressively by the patriotic zealots who are coincidentally the political correctness most of the time. Let alone the Chinese government has much more 'versatile' means to make you suffer without being accountable by the public opinion/opposition parties/media.

Allegedly everyone engages in corporate espionage.

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