For years in U.S. foreign policy circles, discussions of China focused on its growing wealth, power, and ambition, and the fear that it would supplant the United States.

But a few years ago, the conversation took a sharp turn. Rather than fixating on China’s rise, most analysis began to focus on the country’s stagnation and even decline. There were good reasons for this: disappointing post-COVID economic growth, dire demographics, and a foreign policy alienating much of the world. And so a new consensus took hold—that a weakened China might not overtake the United States after all.

In a new essay for Foreign Affairs, Kurt Campbell and Rush Doshi argue that this new consensus dangerously underestimates Chinese power and the challenge it represents for U.S. foreign policy. Washington, they warn, is missing Beijing’s key strategic advantage—an advantage that only a new approach to alliances will offset. As they write, if America goes it alone, “the contest for the next century will be China’s to lose.”

Campbell is the chairman and a co-founder of The Asia Group and served as deputy secretary of state and Indo-Pacific coordinator at the National Security Council during the Biden administration. Doshi is an assistant professor at Georgetown University and director of the China Strategy Initiative at the Council on Foreign Relations, and served as deputy senior director for China and Taiwan affairs at the National Security Council during the Biden administration. They joined Dan Kurtz-Phelan on April 14 to discuss the sources of Chinese power, what U.S. observers of China get wrong, and whether the Trump administration has an endgame in its confrontation with Beijing.

You can find sources, transcripts, and more episodes of The Foreign Affairs Interview at https://www.foreignaffairs.com/podcasts/foreign-affairs-interview.