This article re-examines the formation of the Qing state and its nature from a global perspective. It underscores the key roles of geopolitical setting and fiscal constitution in shaping the course of frontier expeditions and territorial expansions, unlike past studies that have centered on the dynasty’s administrative institutions and the ruling elites’ ideologies or lifestyles to defend or question the thesis of “Sinicization” in Qing historiography. This study demonstrates the different motivations and varying strategies behind the Qing dynasty’s two waves of military conquests, which lasted until the 1750s, and explains how the Qing state’s peculiar geopolitical interests and the low-level equilibrium in its fiscal constitution shaped the “cycles” in its military operations and frontier building. The article ends by comparing the Qing with early modern European states and the Ottoman empire to discuss its vulnerability as well as resilience in the transition to modern sovereign statehood in the nineteenth century.