Kinda, sorta, but there never will be a Cold War like the last one because the bottom line is both China and Russia are capitalistic societies, and ultimately a "war" with the United States/Europe who happen to be the no.1 consumer of Chinese goods and Russian oil is not good for either China or Russia either.
As much of a tough guy image as Putin or the Chinese leadership put on, you can bet your ass that the rich elite in China and Russia will not back any type of "Cold War" that hurts business because they're all insulated by wealthy elites and they would hear about it after a while. Neither are going back to closed off communist economies any time soon either.
So in a way it's all just posturing. Beyond that I don't think the US wants any part of a real Cold War either, the last one while good for the US in some ways also brought the entire US Eastern seaboard to the brink of nuclear destruction. That's not a war ... that's insanity.
So really all three potential parties needed for a "real" Cold War don't really have much of an incentive to really have one. Sure they may not be best buds and yes they are engaged in some proxy conflicts to piss the other off, but a full blown Cold War really can't happen. Not unless Russia and China renounce a global capitalisitc economy, which will never happen because Putin/Chinese leaders would lose their support in their countries that keep them in power.
