Theoretically, China can pursue global Keynesian policy in addition to domestic Keynesian policy, which would go some way toward countering austerity in the US and Europe and be good for China as well as the rest of the world. China says that "By the end of 2009, China had provided a total of 256.29 billion yuan in aid to foreign countries, including 106.2 billion yuan in grants, 76.54 billion yuan in interest-free loans and 73.55 billion yuan in concessional loans" (the figures are cumulative -- unfortunately no annual figure is given). For such a global Keynesian purpose, China should give away 5% of its GDP in grants.
Then, China would also have to learn to veto all Western wars, so that what it helps build won't get bombed. Pax Sinica based on the Beijing Consensus would be welcomed by the axis of resistance in the Middle East, North Africa, and Latin America; the rest of BRIC, Turkey, and South Africa; and anyone else who prefers peace for profit to war for power.