If the US was the ‘indispensable nation’ after the Cold War, China became the ‘inescapable nation’ after the global financial crisis. At first, the world welcomed China as a ‘responsible stakeholder’, and its investments helped to keep the world economy afloat. But over time China has become more assertive abroad and more repressive at home. Americans increasingly see China as a security challenge; Europeans focus more on unfair economic competition. Europeans should work with China where possible, but resist it where necessary.