This seems to show that even with China taxing industrial electricity to subsidize household electric bills it's still 30% cheaper for industrial electricity in China. [0] Those same taxes make household electricity about half the price of US power.

If I had to wager why, I'd say it's due to embracing solar on massive scales recently. Only a few years ago the US was competitively priced.

[0] https://www.globalpetrolprices.com/compare_countries/USA/Chi...