PARIS — 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 emphasized 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 realizing what Europe learned long ago: Lasting power comes not only from making technologies, but from writing the rules that govern them. These trends reflect a change in the composition of geoeconomic power. The decisive question is no longer who controls resources, manufactures products, or leads in each technology. It is who governs the value chains through which the next energy and technological transition will unfold. Far from merely linking