| Summary/Abstract |
Challenging a popular view that China’s rise will lead the United States and China to fall into the ‘Thucydides trap’—a possible hegemonic war between the two—this paper proposes an ‘institutional peace’ argument, suggesting that the ongoing international order transition will be different from previous order transitions in history. Instead of using military means to change the international order, China and the United States have relied on various institutional balancing strategies to compete with one another for an advantageous position in the future international order. The discussion on the institutional competition between China and the US around the AIIB and the ARF-related multilateral security architecture supports the ‘institutional peace’ argument: institutional competition in the form of institutional balancing strengthens the dynamics and utility of international institutions, encourages states to offer new public goods, and could lead to a more peaceful order transition in the international system. However, this institutional peace argument is constrained by two caveats: the continued validity of the MAD nuclear deterrence and a limited degree of ideological antagonism between the US and China.
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