In spite of various measures being taken by the government in an attempt to reduce exports, China's trade surplus continued to burgeon in the first six months of 2007, rising a staggering 84% year-on-year to reach $112.5 billion.

Although a large proportion of this growth has been attributed to Chinese exporters rushing to sell abroad before lower export tax rebates rates came into effect, the Asian giant has also cited other countries’ economic policies as a reason for the situation.

According to senior trade researcher with the Chinese Academy of International Trade and Economic Cooperation, Mei Xinyu, both the USA and Europe need to adjust their domestic economies in order to rebalance global trade and asserted that China's fast-growing exports are driven in part by the demand of developed countries and it requires not only China's efforts but also those of developed countries to achieve a new balance. "If the US fails to address its 'low savings, high consumption' problem at home, it will be hard for China and other Asian countries to absorb the trade surplus," he said.