A lot of countries are feeling disappointed by the U.S. right now. China should step up and offer a better economic deal to the world. Since China runs a big trade surplus overall and will have to reflate the domestic economy to boost aggregate demand lost due to tariffs, in the short run it can do this by increasing investment abroad in friendly countries. In the long run, China should move to a more balanced trade accounting that has roughly equal imports and exports, with imports coming from friendly countries. In exchange for helping other countries economically, China should require integration into Chinese digital networks, or at least explusion of U.S. ones, and abstention from entering into defense pacts with the U.S.
In my view, China's historic position was "We are just going to mind our own business and we don't take sides", but that is not feasible anymore since the world's #1 power has declared China an enemy. China is in the same position the U.S. was in in 1940-41. Even if China doesn't want to fight a new Cold War, a new Cold War has been brought to its doorstep. Every other country, such as Japan, the Philippinnes, India, and so on are much lesser threats to China than the U.S. is. China has to awaken that it now lives in a world of geopolitics and it should participate more actively in building up BRICS as an alternative, multipolar trade, investment & technology bloc that is more reliable than the U.S.