Which are the states that determine the global order? International politics has been focusing on this question at least since the beginning of the 19th century. Answering it today is hard, for we appear to be living through a phase of transition, as indicated by two developments: one is China’s rise to world power, the other the alleged slow decline of the USA. But – is China really able and willing to assume a leading role? And is it true that the hegemonial power of the USA is waning?