The US is no 2 in manufacturing output and way ahead of no 3.

>America . . . has lost its edge in . . . power generation

Energy costs are much lower in the US than in Europe or China. China is the world's largest importer of petroleum and of natural gas. In contrast, the US is self-sufficient in petroleum and natural gas.

China's petroleum comes by ship from the Persian Gulf and from Russia's European ports (since there is no easy way for Russia to get its oil to its Asian ports). Beijing's worry that something might happen to interrupt its long supply lines of petroleum and natural gas is why it has made a large risky bet on solar electricity. The US, which has more land with high solar potential than China, can sit back and wait to see how China's bet on solar will turn out before it makes big bets on solar.

It might be that the cost of electricity specifically is lower in China than the US. If so, that is because Beijing has prioritized building a lot of electricity-generating capacity. It engages in many such infrastructure project to keep its young men employed -- something Washington does not need to do because the US economy provides enough jobs without without Washington's spending on infrastructure projects (so Washington tends to spending on infrastructure only when the project clearly makes economic sense).

Beijing imposes tight restrictions on its citizens' ability to invest outside China, so Chinese individual investors, pension funds, etc, put most of their money into deposits into Chinese banks and into Chinese real estate. Most of the funding for infrastructure projects comes from these bank deposits and from borrowing. Governmental debt (including debt owed by state and provincial governments) is a higher percentage of GDP in China than in the US.