Preview: I argue that a relationship of strategic interdependence has taken shape between China and the ASEAN states. Each side views the other as an indispensable actor in pursuing its strategic interests. Although the power asymmetry between China and the ASEAN states makes the latter more vulnerable than the former, the U.S. factor increases the sensitivity of China’s strategic dependence on ASEAN. Multilateral institutions have played a vital role in shaping Chinese-ASEAN relations. The more institutionalized relationship will empower both parties to reduce vulnerability and sensitivity levels in their nascent strategic interdependence in the future.