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U.S.–China competition has been widely viewed as the most important feature of world politics that will shape the emerging international order. Whereas Washington increasingly sees Beijing as the sole great power with the intent and capabilities to dismantle the U.S.-led liberal order, Beijing views Washington’s military buildup and new partnerships in the Indo-Pacific region as the latest U.S. attempt to contain and encircle China. This paper adopts a power transition perspective to compare the advantages and disadvantages of both powers, using six parameters to measure their relative national strength. In doing so, the authors try to update and modernize A.F.K. Organski’s theory in the 21st century, applying it to the most consequential relationship of our time.