China’s rise will pose fundamental challenges to the United States and Europe, both  separately and in their political relations with one another. Although U.S. and European leaders for the foreseeable future will remain focused on more pressing near-term challenges than China, steps to enhance mutual understanding of American and European perspectives on China’s future and international role can and should be taken now. This report makes the case for an intensified exchange between U.S. and European China and transatlantic experts both in and outside of government. It is based on a year-long exchange among U.S. and European experts on China and transatlantic relations organized by the Henry L. Stimson Center in Washington, DC and the German Council on Foreign Relations in Berlin, Germany, with the generous support of the German Marshall Fund of the United States and the Volkswagen Foundation.