Reliable sources at Schloss Elmau tell me that most of the talk at the meeting of the G7 and friends last month was on What To Do About Russia? but there was at least one item on What To Do About China? The US had a proposal for a Partnership for Global Infrastructure and Investment (PGII) (here, here and here) to mobilise $600 billion of funding by 2027 for health, digital connectivity, gender equality and climate / energy in low and middle income countries. The US would contribute $200 billion and the EU €300 billion. So, is this the West’s long – awaited  answer to China’s Belt & Road Initiative? Well, it’s an improvement on past responses which included Barack Obama discouraging other countries from joining the Asian Infrastructure Investment Bank (he failed; besides, the AIIB’s Jin Liqun has stressed to me (and others …) how its lending standards are more akin to those of the ADB and IFC than to BRI’s); the mysterio