Reasonable observers can disagree about where to strike the balance between collective balancing and comprehensive pressure. They may even prefer altogether different strategies. What is essential now is that this debate be more structured and rigorous than it has been to date. Competition itself is not a strategy. Advocates of any strategy should make clear what they aim to achieve, how they intend to do it, and what the accompanying risks are. We believe a collective-pressure strategy offers the best way forward. But regardless of the approach advocated, it is past time to stop circling the China problem and start a more analytically rigorous debate over what to do about it.