China is moving beyond its role as a global factory to become a hegemon of industrial statecraft, leveraging an undervalued currency and massive state subsidies to dominate the semiconductor and consumer electronics sectors. From the explosive IPO of Moore Threads to Apple's deep 'capture' within the mainland's supply chain, Beijing is systematically de-industrializing rivals through overcapacity and tech-independence. A reckoning is coming in 2026 as global trade tensions force a choice between a stronger Renminbi or a permanent fracture in international markets.