Sino-U.S.relations have fluctuated since the beginning of 2010. What are prospects for their development? Will it be fiercer strategic competition or will it be long-term strategic stability? Taking into the international system and transitions in global power,this essay analyzes recent changes in Sino-U.S. relations and U.S. strategic assessment of China. Prospects for and future trends in Sino-U.S. relations will be discussed. Since Sino-U.S. relations have always been based on the interaction of multiple factors,this essay raises new questions rather than simply drawing specific conclusions. Sino-U.S. relations have taken on a new look,seasoned as they are by the global financial crisis and dramatic reversals of fortune: there is a slow transition towards reconciliation though competition still continues. More importantly,both sides seem to be pondering a more profound problem: is this the beginning of a deeper strategic contest or is this the prequel to real strategic stability? Where is Sino-U.S. relations headed?