China has been rising, economically and militarily, for decades. China’s increasing power, coupled with its repression of dissidents at home and military threats against Taiwan and others abroad, have heightened US concerns that China poses a dangerous and perhaps imminent threat to its security and vital interests. To analyze this situation, we turn to theories of geopolitical stability proposed by political scientists to study the dynamics and consequences of challenges to traditionally dominant powers. We find that competing theories — for example, “balance of power” and “hegemonic stability” — differ in their analyses of the current situation and its implications for US policy toward China.