South Korea’s new Indo-Pacific strategy marks a closer alignment with its American ally’s approach to the region, while also holding out hope that it can maintain its lucrative ties with U.S. rival China.

On Wednesday, the Yoon Suk-yeol administration released its “Strategy for a Free, Peaceful and Prosperous Indo-Pacific Region.” The 40-page document doesn’t contain any surprises. Still, its careful wording and presentation reflect South Korea’s approach to balancing relations between the U.S., its main security ally, and China, its main economic partner.