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Whatever the final outcome of the contest between Chevron and CNOOC for Unocal, there are important lessons that can be gleaned from this episode. Indeed, it is a portent of future challenges to U.S. and other developed-country policymakers as they attempt to deal with the emergence of China as a competitor and world power. The issues are particularly complex, for they demand a combination of economic analysis with sophisticated and informed judgments about national security and political interests. In an effort to sort through the complex and interconnected economic, diplomatic, and security implications growing out of the CNOOC bid, AEI has assembled a group of scholars to build upon the facts of this case in assessing the broader, underlying issues.