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To understand China's foreign policy in the 1990s and the true attitude of Beijing towards the military presence of the United States in Northeast Asia, one must examine China's perception of the alliance between the United States and the Republic of Korea (ROK). Public statements aside, the People's Republic of China (PRC) has shifted its traditional position and has tacitly accepted, even welcomed, the continuation of the U.S.-ROK alliance. Beijing views the institutionalized presence of the Americans in Northeast Asia as a stabilizing force, serving China's interest of maintaining the favorable status quo in the region. However, continued acceptance is not guaranteed; developments in the Sino-American relationship and the course of reunification of the Korean Peninsula will affect attitudes in the future. In order to discuss China's perception of the U.S. Korean alliance, let us first examine China's general post-Cold War security policy, especially regarding Northeast Asia. As the century ends, Beijing, increasingly preoccupied with its own domestic agenda, has adopted a more conservative attitude (nearterm) in Northeast Asia. In the post-Cold War era, international competition has shifted from the political and military to the economic arena. In this new mileau, Beijing displays a changed, even ambivalent, attitude towards the United States' political and military presence in Northeast Asia. American ground forces in Japan and South Korea and U.S. naval presence in the Western Pacific have now generally disappeared from China's list of complaints. Indeed, the United States is frequently regarded as a stabilizing force in the region, although Beijing watches carefully Washington's "hegemonic" moves. The future of the political division on the Korean Peninsula is naturally of key importance to China's perception of the U.S.-ROK alliance. One can hardly observe much eagerness on China's part for a rapid reunification of Korea, although Beijing is somewhat sincere