While the 5G battle looks lost, the global telco war remains far from over. Unlike the 5G contest, the US and the EU enter the 6G race from a strong position. Its central challenge will be not only to restrict Chinese vendors at home or encourage allies to limit “high-risk” suppliers, but to build economically viable and technologically competitive alternatives. Beijing enters the 6G development cycle with structural strengths that extend beyond 5G radio technology. China won the 5G battle by combining technology with cheap financing and rapid deployment.