<![CDATA[This study aims to analyze the implementation of Indonesia's economic hedging strategy in response to investment competition between the United States (US) and China in the ASEAN region during the 2020–2023 period, and to evaluate its impact on the country's bargaining position and economic resilience. The research employs a qualitative approach with a case study design based on a literature review. The analytical framework integrates hedging theory (Kuik, 2008; 2016) and the economic statecraft approach (Baldwin, 2020), alongside a comparative analysis of Foreign Direct Investment (FDI) trends among Indonesia, Singapore, and Vietnam. The findings indicate that Indonesia has implemented three key economic hedging measures: deepening balanced investment engagement with both the US and China, strengthening domestic regulatory frameworks to mitigate dependency risks, and playing an active role in steering ASEAN's regional economic agenda. This strategy has successfully enhanced economic resilience and autonomy ("power of autonomy"), although its effectiveness in influencing regional dynamics ("power over others") remains lower than that of Singapore and Vietnam. In conclusion, economic hedging has proven effective as a mechanism for mitigating geopolitical risks while strengthening Indonesia's economic autonomy. However, to maximize its bargaining power and economic leadership in the region, Indonesia needs to improve bureaucratic efficiency, accelerate policy execution, and orient investment toward high-value-added sectors. Keywords: ASEAN, China, Economic Hedging, Economic Statecraft, FDI, Indonesia, United States.]]>
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