Bangladesh, July 31 -- For years, Europe and China embodied rival development and energy-transition models. Europe was primarily committed to markets, common rules, and multilateral institutions, whereas China emphasised industrial policy, infrastructure investment, and manufacturing. Europe produced regulations that often became global benchmarks (the "Brussels Effect"). China produced factories.

But this distinction is dissolving. As Europe races to rebuild its industrial base, China is focusing more on influencing international standards and governance frameworks. As European policymakers study Beijing's industrial strategy, Chinese leaders are realising what Europe learned long ago: Lasting power comes not only from making technolog...