No Amount of mergers between giant monopolies is gong to fix structural problems.
On a cynical level, it maybe that "China" is used as an excuse to push through a merger for profits, but lets assume some innocence.
The execs. realize how costly 5G is going to be, and the only way they know to borrow that amount of money is increasing their underlying capital assets.
The problem is that Huawei became successful in 5G through massive government investment, currency arbitrage ( supported by the US ), cheaper land, cheaper engineer, ...
Just a side note, have a look at how Huawei operates. They build a giant 60,000 engineer city for their employees !
Is the US ready to create a giant 60,000 engineer city to compete in 5g ? where engineers are paid a fat salary with low rent ? ( in PPP terms )
5G maybe the reason why the US has to finally confront the structural reasons why they have become so uncompetitive in electronic hardware in relation to East Asia.