The cold war has been with China since 1952, when the US troops landed into South Korea. Then there was Vietnam and Burma. So, I guess the cold war between US and China has a longer history.
Secondly, from the aspect of economy, I do not see that China will ever let US down ... why? because China has the biggest investment in the US Government and the treasury bills than any other country of the world. US is the biggest market for the Chinese goods. Reciprocally, China itself hosts industries that are dependent on US investments and R&D. US needs China for cheaper production. It is also a fact that when Chinese economy moves, the US capital invested in China swells as well.
Now, both countries have found themselves in a quagmire of strange interrelation. Their economies are heavily dependent on each other, specially after WTO in 2005.
As this relationship is strategically contorting for the aim of both the countries, therefore, now they are working on reducing this interdependence -- China is trying to find new markets i.e. Mid East, South America, Central Asia and Africa. Whereas, US is looking for a cheap manufacturer like India, Argentina & even South Africa.
How I think this will impact the global economy is that in the coming years, we will see a greater GDP growth in India and Argentina. Whereas China's OBOR will be delayed or impeded to reach its potential. If China wants to be number one, it still has a long way to go and that cannot happen in this decade. It will have to have its currency be taken as a standard in the global trade, it has to have its own Research & Development and it has to acquire resources to move its industry, like oil & gas etc., which it currently does not.
Unless China reduces its dependence on the US economy, it will never be able to play an assertive role in the global politics. Though, they will keep presenting the lip service to the conflicts, as if they really care.
