Personally I think the world will have to get used to China as a second power. There is no cold war strategy that will really work, because in the past the countries that were influenced had leaders who trusted the west, who have all since been burnt.
Look at the OBOR routes and look at key locations; how many of those countries have been screwed by the Americans in recent past? Pakistan is a perfect example. Even India a staunch US ally against China is being threatened with military sanctions if it buys the Russian S-400 missile system. It's a ridiculous approach.
The best way to counter it is;
- unity amongst western nations; this is not the time for the EU to fracture but to join together and act as a single political and military bloc
- investment in military spending; especially the EU countries. They need to be able to face the Russian threat independently of the US. You don't have to match the Russians tank for tank, but have what Pakistan terms strategic detterence. The ability to cause enough damage to the opponent to make the decision to go to war a lot harder. Israel has the same strategy to it's defence.
- energy independence. Not only will this reduce dependence on Russian gas, but also help reset the incredibly toxic approach the US and it's NATO allies have to the Arab world and the near east. If you don't need the petrol pumps so much, you might actually have cordial relations with other nations in the region. We have a lot more in common with the European/Western world than we do with the Chinese.
- More local manufacturing. This is by far the most important and the issue where China really wields control. If more things are built at home, there are less companies and politicians who feel the need to bend the knee to the Chinese. Look at Ozil for example. Call him Lazy all you like but we know he wasn't playing because nobody wanted to lose Chinese revenue/markets.
- re-distributing manufacturing. China is not the only place in the world to get stuff made. There is plenty of opportunity for cheap manufacturing elsewhere. the US should focus on Latin America, the EU should consider North Africa, Eastern Europe, even west Africa. Nigeria has a huge population. and if you really want the extremely low wages Asia can offer - India, Pakistan, Bangladesh, Vietnam, Philippines, Indonesia. Between these 6 countries there are early 2.2 billion people (mostly Indians!).
It won't happen though. Europe and the west generally is consumed by right wing politics, focused on deflecting blame externally, not interested in investing internally or in new markets, working to serve the big capitalist monsters who own the politicians. National interest comes second now.