>and reasonable energy price

Nice Jedi Hand Wave there.

That's the issue.

China invested in producing cheap energy. Most of the rest of the world did not.

At root, economics is about turning energy into goods and services. If the root industrial input of your competitor is cheaper than the cost of that same root industrial input to you, you're gonna need some incredible efficiencies elsewhere in that production pipeline to pull even.

At this point, the EU should be all about keeping the other major powers at arm's length, (economically and militarily), while pursuing renewable electrification with all deliberate speed.

That should be everyone else' strategy going forward as well by the way. Without cheap energy in the next global economic phase, your nation or bloc is dead in the water.