China’s rapid economic development raises the prospect of a serious PRC–U.S. rivalry, with global ramifications comparable to last century’s Cold War. How the United States and China manage their relationship will affect the fortunes of many states, not only in the Asia-Pacific region, but throughout the world. One crucial aspect of this matter is the potential danger a “rising challenger” might pose to the interests of the established superpower. In recent years, the notion that a stronger China threatens the interests of the United States and some of its allies has become commonplace. In-depth assessments of this notion, however, are all too rare. This article attempts such an assessment.