Washington's ”rebalancing” strategy is widely believed to target and check China's growing power and influence in Asia. This strategy is an ongoing event so its components are still in the making. This study tries to employ a perspective inspired by the theory of offensive realism to explain and explore the essence of America's ”rebalancing” and determine its effectiveness. For a better explanation, the author further amends the original propositions of offensive realism by introducing ”identity” factors as a supplementary but necessary variable to support the realist logic of ”defending a position”. The study reveals that thanks to the pressure of America's ”rebalancing”, the weakness of a flawed Chinese ”good-neighbor policy” was exploited. The fundamental shortcoming of China's foreign strategy is the contradiction between its growing ”position of power” and its problematic national identity and discourse.