Hegemonic transition was been explored in many ways, yet there has been little research into the question of how a unipolar hegemon and a rising power perceived the redistribution of power and a shift in the status of the global leader. Given that the United States and Mainland China perceive a decline of American hegemony, we have here a perfect case to examine how a unipolar hegemon and a rising power interact when faced with hegemonic decline. Starting from the structural factors of power and status competition in the unipolar system, this article explores how the difference in perception of the United States and Mainland China with regard to the USA's hegemonic decline. This article concludes that the promotion of the ”new type of great power relationship” faces huge challenges in how to manage the USA-PRC strategic tension.