The world order that we had come to know since the end of Second World War is rapidly collapsing. With the rise of China as an economic giant, and several other states asserting their economic and military power, a multipolar world is emerging. And with that a quest for a new balance of power, particularly in the Asia Pacific region. Sino-US relations are going through a conflict-prone tranformation, as the US now regards, China as a “strategic competitor”, even rival. A new Cold War seems to be germinating.