The United States is not going to build its way out of the current deepening military competition with China, nor develop a successful long-term China strategy based on inflated threats. It will need to accept the logic of balance over dominance in many areas, fashion credible strategies designed both to deter and reassure Beijing in both the regional and global arenas, and strengthen its capacities at home. This will demand a fundamental reassessment of current American policies in the light of realistic assessments of both threats and opportunities, real capacities, and reasonable aspirations.