The Political Economy of Asian States and Their Development Strategies under USA-China Power Rivalry: Conducting Hedging Strategy on Triangular Relation and Operation

Abstract Since 2020, the rising economic competition and political rivalries have become intensive and austere between the United States and China. The formation of new global economic and political orders have started to establish a new era gradually under a USA-China hegemonic contest. As a consequence, Asian states have been enforced and reluctant to face the escalating and reshaping regional orders amid the USA-China power rivalry in the new millennium. There are three important parts emphasized for this special issue. One, the research approach will be based on the integration of neoclassic realism and a strategic triangle. Two, the strategic choice of small states toward a China-USA power rivalry intends to apply balancing, bandwagoning, and hedging strategies. The last, involves conducting a research framework of small state’s responses and strategies on the basis of hedging governance.