Strategic Challenge of China and the United States over Global Hegemony

Terrorist attacks of September 11, 2001, tackled security system of the U.S. and entered the country into long term and costly wars in Afghanistan and Iraq. Then global financial crises in 2008, led U.S. into an unprecedented stagnation. U.S. critical economy was placed in more vulnerable position than before. On the other hand China's place in the global economy was promoted and trans-regional influence of the country was developed in these years. This article tries to answer the question that what impact has the china's power seeking in international political economy on the hegemony of the United States, by applying the theory of power displacement and with focus on Power transitions theories. The authors conclude that china's growing power intensified the decline of financial hegemony of United States, but has no significant effect on its political and security power and the United States’ weakness is much related to its macroeconomics.