Favorable government policies and funding support have helped China become the global leader in aggregate graphene and carbon nanotube (CNT) publication and patenting activity. Drawing on this momentum, Chinese companies rushed to scale up production of these two nanomaterials, stimulating fierce competition. Such significant capacity expansions will exacerbate global oversupply in the graphene nanoplatelet (GNP) and CNT markets. At present, GNP and CNT leaders target battery electrodes as their primary target application due to the established, large-volume lithium-ion battery capacity in the country. We compare Chinese developers with their foreign counterparts on the Lux Innovation Grid and find that Chinese graphene suppliers lag global competition on cost, whereas leading Chinese CNT players are on par with their international rivals. Therefore, domestic CNT leaders currently have potential to act as valuable partners, whereas graphene firms should be monitored until concrete value proposition is proven.