In the post-Cold War era, the biggest challenge for the U.S. is a rapidly rising China. During the Clinton administration, Washington had a clear hedging strategy toward Beijing — that is, both engagement and deterrence. At that time, China lacked the capability to challenge the U.S. Thus, Washington highlighted engagement in order to involve China in the international political and economic system. After the global financial crisis in 2008, China has increasingly played a significant role in world politics and economics; thus the U.S. started to adjust its China policy.

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