What have I missed?

China produces more power than US, EU and India combined.

Cheap electricity is what drives Chinese productivity and competitiveness.

For example China makes PVs way cheaper than any other manufacturer...and nuclear and hydro and wind generation...

The government plans and builds power supply and private enterprise comes and consumes it and produces everything cheaper than the crony capitalist west can.

China has won the trade war by producing cheap electricity and now the USA cannot fight a war without Chinas rare earths supply.

In the current race to advance AI China has a massive advantage with its huge electricity supply surplus compared to the US that faces a chronic shortage of new power generation.

Blinded by arrogance US Exceptionalists are their own worst enemies.