Abstract
Great power competition has returned to the global centre stage. However, the new round competition is developing with unprecedented uncertainties. The fierce competition between China and the U.S. has already expanded from trade to high-tech protection, regional strategies, and two development models supported by different values. The fact of more intertwined geopolitics and technology reflects the underlying intensified competition between China and the U.S. and exacerbates the direct competition between the two powers for control over the rules, norms, and institutions that will govern international relations in the decades to come. This paper discusses whether the competition will slip into a vicious conflict between the two sides or even possibly two blocs that hold differentiated ideologies, political values, and remarkably different economic models.