We absolutely have a cold war, except, rather than a continuously increasing stockpile of nuclear weapons, we have a continuously increasing stockpile of zero-day exploits.
Another hallmark of the cold war is escalation and regional hegemony, and consider that draconian spying legislation is disseminating from the USA to her vassal states -- Canada, UK, Australia, NZ. Similar technology and legislation is being deployed in other major world players under the guise of fighting "terrorism," but it stands to reason that it's in response to Chinese espionage/reconnaissance.
The USA has a very serious rivalry with China, and vice versa. We can expect to see the USA trying to further compete with China by trying to level the playing field across a variety of fields. The TPP and the F35 Joint Task Force are shining examples of attempts to curry favour with fellow nation states.
Can you say more about this? Are we afraid of them doing something to us? What? Are they afraid of us doing something to them? What?
If the US speaks out, China pulls the plug on our Economy. If the US spies on them via technology, China uses its mass 25,000 military hackers to wreak havoc in cyber-security. With the debt we owe China, they keep waving it in our face, the US is helpless.
On the plus side, the Chinese people also are loosing faith in the party and have moved their money over seas, soon China's economy bubble will burst and the most of the US will be saved. New jobs will open, our debt to China will end, and all will be well. For those who make all their business importing from China, they will be the ones you will see on the streets if they don't stop and see the signs.