China’s trade surplus reached $177.5bn (£118.7bn) last year, 74 per cent higher than in 2005, a rise that will intensify pressure on Beijing further to open its markets and accelerate the revaluation of its currency.

The growth in the surplus reported by China’s customs agency – up from $102bn in 2005 and $32bn in 2004 – has been driven by continued strength in exports, up 27 per cent year on year, and relatively weaker imports growth of 20 per cent.