According to the financial times, China's foreign trade surplus in June dropped by 20% over the same period last year, indicating that the weakening global economy and weak demand are having a serious impact on China's export industry. It will also make Chinese officials more justification for slowing down the appreciation of the renminbi to protect exporters.

Officials are increasingly concerned about the impact of high costs on export enterprises. Wen Jiabao and Li Keqiang have inspected China's export base in the past week, and the government is likely to raise export rebates for specific industries such as textiles in the near future.