| Summary/Abstract |
The post-Cold War international system, dominated by the United States, has been shaken by the relative downturn of the US economy and the simultaneous rise of China. China is rapidly emerging as a serious contender for America’s dominance of the Indo-Pacific. What is noticeable is the absence of intense balance of power politics in the form of formal military alliances among the states in the region, unlike state behaviour during the Cold War era. Countries are still hedging as their strategic responses towards each other evolve. We argue that the key factor explaining the absence of intense hard balancing is the dearth of existential threat that either China or its potential adversaries feel up till now. The presence of two related critical factors largely precludes existential threats, and thus hard balancing military coalitions formed by or against China. The first is the deepened economic interdependence China has built with the potential balancers, in particular, the United States, Japan, and India, in the globalisation era. The second is the grand strategy of China, in particular, the peaceful rise/development, and infrastructure-oriented Belt and Road Initiative. Any radical changes in these two conditions leading to existential threats by the key states could propel the emergence of hard-balancing coalitions.
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