Despite the risks, though, there are good reasons for the Chinese to prod Kim Jong Il to keep those missiles coming. By permitting North Korea to rattle its sabers, the Chinese can monitor President Obama's reaction to a military threat -- without having to deploy a threat themselves. They can see how serious the new American administration is about controlling the spread of nuclear weapons -- without having to risk sanctions or international condemnation of their own nuclear industry. They can distract and disturb the new administration -- without harming Chinese American economic relations, which are crucial to their own regime's stability. And if the game goes badly, they can call it off altogether.
As long as its regime security and economic demands could be met, Pyongyang might be willing to give up its “nuclear car”. For the time being, it seems to me that all evidence points in the opposite direction. In fact, the recent nuclear testing by DPRK is not merely a slap in the Chinese face, but a sobering wake-up call for Chinese leadership to face up to the malign nature of their N. Korean counterparts.
This slap in the face may well "bring about the fundamental change of China's long-time policy of DPRK quickly." What this change will look like and what it will entail are not yet known. While I doubt that China will engage in measures such as the cutting off of oil and coal supplies, which would indubitably cripple the North Korean economy, it will find other ways to take a hard stand against North Korea's behavior. (Hopefully) it's just a matter of time.
Note to China: sooner would be better than later.