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\u201cThe total value of business in China for Finnish companies is estimated to be more than 20 billion euros per year,\u201d a 2023 report<\/a> from the Finnish Ministry for Foreign Affairs said, which labeled China as \u201cone of our most important trade partners.\u201d<\/p>\n \u201cChinese investments play the largest role in Finland compared to any other EU country, with 8 percent of foreign direct investment stock held by China, which is ten times higher than the EU average,\u201d Lee-Makiyama said, referring to a study<\/a> his research group did.<\/p>\n On the other end of that bargain, things haven\u2019t looked good for Nokia in years. The Finnish tech leader\u2019s share of base station and antenna sales in China \u2014 the biggest market globally \u2014 has shrunk to 0.9 percent in 2023 from 6.2 percent in 2019, according to confidential industry figures seen by POLITICO.<\/p>\n According to Strand, \u201cFinland hoped that if they were soft on Huawei, the Chinese would throw some crumbs after Nokia.\u201d But \u201cthe reality is that no breadcrumbs came,\u201d he said.<\/p>\n Beyond the Chinese market, governments across the world have thrown up barriers to using Chinese 5G equipment \u2014 spurred by a diplomatic campaign from both Washington, D.C., and European capitals.\u00a0<\/p>\n Despite this push, which supposedly benefits Huawei\u2019s rivals Nokia and Sweden\u2019s Ericsson, the Shenzhen-based company is comfortably keeping its top vendor position, with about 31 percent of the revenue market share globally, according to the latest proprietary figures by London-based research firm Omdia, followed by Europe\u2019s Ericsson (24 percent) and Nokia (20 percent).<\/p>\n<\/div>\n