This paper discusses the new power configuration in East Asia as a result of China’s rising, by examining the idea of an emerging dual leadership structure in the Asia-Pacific. China and the US have entered into a new structure with regards to leadership in the region. The rising power (China) plays the leadership role in the economic and financial dimensions, while the existing hegemon (US) plays the leadership role in the military, security, and political influence dimensions. As China emerges as a regional power of East Asia, co-management with the US of crucial economic, security, and political issues - including as hot spots as the Taiwan Strait and the Korea peninsula - will be essential for regional stability and prosperity. In this dual leadership structure, cooperation and bilateral talks have been positive so far. It remains to be seen as to whether the US and China can extend this leadership structure into regional institutions, as well as how well it will be able to work with other key players in the region, such as Japan, Russia, the two Koreas, and ASEAN.