Over the nearly six decades since the People's Republic of China (PRC) was established, the United States and China have followed very different political, military, and economic development paths. Yet, the approach each country is currently pursuing to enhance its military and commercial technology development, particularly in the defense and space areas, is becoming remarkably similar in many respects. This article outlines China's past and present strategies for developing defense and space capabilities, Beijing's phased approach to defense industrial and space R&D, and compares and contrasts these R&D efforts with the American approach. The article concludes with an assessment of the prospects for future US–China competition and/or cooperation in the realm of defense and space R&D.