It's not energy costs. The US produces about 70% more electricity per capita. Chinese households do pay less than half what US households pay for electricity, but that's because the NDRC sets prices below costs for households. They make it up by charging industry more, and the industrial electricity prices in China are roughly 34% higher than in the US.

> The US produces about 70% more electricity per capita.

And consumers use 4x as much per capita. Industrial generation per capita China comes out ~2x

> industrial electricity prices in China are roughly 34% higher than in the US

For which industrial customer and where? Chinese compute hubs are on par to slightly cheaper on pure electricity costs.

Conversely the US makes it more expensive with interconnect and upgrade fees as well as hefty take or pay contracts.

A 1GW datacenter in VA for example would add 5-10c kWh and a 12 year take or pay deal

per capita seems the wrong metric given the difference in population sizes and America's wealth. They have roughly 4x the people and have added 10x new power capacity in the last 10 years, not to mention lapping us in renewable and long distance transmission lines added.

They also benefit from the commodification of software/knowledge work since they own manufacturing