Abstract: Based on the view of system vulnerability, the project system vulnerability to political risks is discussed from two dimensions: capacity dimension(i.e. core competitive capacity, relative bargain capacity and integrate adaptive capacity)and exposure dimension(project-based exposure, firm-based exposure and transaction-based exposure). Four typologies of project system vulnerability involving varying exposure and capacity are identified. The features and feasible countermeasures of each typology are discussed in this paper. Empirical analysis is conducted through selecting six ongoing projects. The results show that based on the status of project system vulnerability to political risks, Chinese international contractors can adopt appropriate strategies to manage political risks in those markets associated with highly political risks.