What can China do or perhaps it will not

For the last 3 decade anyone who has benefitted from the free market economy of america and and its people's indulgence in consumerism the most in the world economically is China and created itself huge fiscal deficit as against huge surplus of china.
thats china's skill with huge human and natural resource and lower value of renminbi against US dollar, made it most suitable for china to be export oriented and feed its people by selling American and Japanese products made in china.
Now order has changed since economic crises, and it was Obama's destiny to be the president in these difficult times and i think he is making in reaching out to the world in order to resolve the crises, but countries like china which has huge significance in resolution shies away from any american request and enjoy all the attention of its indispensability in todays world, which is not fair. I think if china actually wants to portray some true leadership it can stand up to global challenges and not just pursuing its own interest. Instead of artificially curbing the appreciation of renminbi if it can become more transparent let market decide the rate then iam sure china would not just lift american economy but the european as well and consequently the global economy.
But if China stays stubborn then its own consumerism bubble will burst if not sooner than later and will not sustain in globalised world and history will see china as one fake, immoral wealthy economy of no use to our world or otherwise great leadership by chinese govt.
Obama himself cant take America out recession so factor in other things. Putting boxing gloves i don't know for what,  literally of no use or metaphorically for whom; for other countries. You should not expect that.