Power Balance Between USA & China

Are the US and China heading towards another Cold War? Or not? Will these two nations remain interdependent, or not? What is your informed opinion? how can we best stabilize the world? With a single hegemonic (dominant) superpower? With multilateral institutions (EU, UN, WTO, etc.)? Or with a “balance of power” between superpowers like we had in the Cold War — between the US and Soviet Union (1947-1991)?