The essays in this special edition of the NBR Analysis reflect the range of policy concerns and recommendations that emerged from an NBR project assessing the viability of the annual MFN review process. The contributors examine annual MFN review in the context of the many challenges confronting U.S.-China policy, including Hong Kong’s transfer to the P.R.C. and China’s possible accession to the World Trade Organization. The authors offer critical perspectives on the economic and political costs to China and the United States of revoking China’s MFN status and provide prescriptions for the development of U.S.-China policy in the twenty-first century.