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This article examines and evaluates a variety of factors that characterize the PRC at the end of 2023–including elite politics and Xi Jinping's position; a malaise that grips society; the "securitization" of almost all dimensions of policy; economic challenges and concerns; and the state of the CCP as a ruling Leninist party.

Abstract
U.S.-China comprehensive competition is currently playing out on an increasingly global scale. The competition's primary locus is the vast Indo-Asia-Pacific region, and it is centered in Southeast Asia. The United States and China each possess comparative advantages in the region. Beijing's advantages are predominantly economic and diplomatic, whereas Washington's are more multifaceted. Although the Barack Obama administration's "pivot" significantly raised the U.S profile in Southeast Asia, China has also expanded its presence and influence. The two powers are increasingly locked in a classic strategic competition, but the pervasive media narrative in the region holds that China is gaining the upper hand. While this gravitation toward Beijing has become a popular meme, it is not empirically accurate—as the United States still possesses substantial overall advantages. Still, the regional balance is dynamic, and the United States needs to remain comprehensively engaged—or else the balance of influence will default to China. At present, the Sino-American competition in Southeast Asia is not (yet) acute and zero-sum. Therefore, the two powers should be able to manage their tensions, limit their rivalry, and practice competitive coexistence.