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Video scenes containing multiple objects can potentially achieve higher degree of compression and better visual quality with individual coding for each object. Video objects are not always synchronous, implying each object may have a separate temporal resolution. This paper proposes a rate control algorithm for multiple video object encoding. Using a novel bit allocation strategy, the algorithm achieves accurate target bit rate, provides good visual quality, and decreases buffer overflow/underflow. Experimental results for both synchronous and asynchronous multiple video object encoding demonstrate that, when compared with the existing rate control scheme recommended by the MPEG-4 standard, the proposed algorithm provide better temporal-spatial tradeoff with more accurate rate regulation.