In the last 20 years, China’s military and industrial strength has increased dramatically, as has its regional and global ambition. Managing a relationship with China that can support competition without catastrophe will be among the greatest challenges of this century. RAND needs to make a generational investment in understanding China, comparable to RAND’s historical investment in understanding the Soviet Union. We need the same level of technical depth now in order to understand China’s political, military, and economic plans and capabilities.