Chinese foreign policy has been transformed in recent years. This article seeks to provide a systematic analysis of the most salient features of the new Chinese foreign policy. It identifies five such features. Based on these features, the article suggests that China is poised to become a true global power. This view differs significantly from Gerald Segal’s famous claim in 1999 that China was no more than a middle power. The article utilizes many current Chinese sources to help readers understand China’s new motives and goals in international and regional affairs.