What the US-China rivalry means for international politics? The participants of the third session of the 17th Annual Meeting of the Valdai Discussion Club, which took place on 21 October, 2020, discussed, is bipolarity possible, and what will it mean for other actors in the international arena. If not, what will this confrontation look like? What are the chances of achieving a balance in relations? Dino Patti Djalal, Founder, Foreign Policy Community of Indonesia; Viacheslav Nikonov, Chairman, Committee on Education and Science, the State Duma of the Federal Assembly of the Russian Federation; Kevin Rudd, President, Asia Society Policy Institute; Prime Minister of Australia (2007–2010, 2013); P.S. Raghavan, Chairman, National Security Advisory Board (India); Jeremy Shapiro, Research Director, European Council on Foreign Relations and Yan Xuetong, Dean, Institute of International Studies, Tsinghua University, participated in the session. The session was moderated by Timofei Bordachev, Programme Director of the Valdai Discussion Club.