China's had a bit of recent problem with colonialism but this is all behind them now. The actual society -- country if you will -- dates back some 5000 years so leads to a rather different perspective on long term policy goals.
I'd be extremely surprised if Huawei and everyone else in China including the government didn't see this coming. The conclusion that they'll draw is that if you're successful and in danger of beating the US at what it thinks is its rightful game then you're going to be in trouble. It doesn't matter if the product's airliners (Brazil and Canada have fallen foul of that and Airbus has learned to tread very carefully) or semiconductors or whatever. Win the race and we'll come after you with everything we've got.
(That especially applies to selling oil in local currencies rather than petrodollars. Wars have been started because countries started trading oil in local currencies rather than our fiat.)