China’s ability to raise domestic demand and not the value of the renminbi is the key to ensuring more balanced economic growth, Bloomberg reported, citing Beijing’s ambassador to the World Trade Organization, Sun Zhenyu. "The exchange rate itself is not a decisive factor in the whole balance of world trade or world economic development," Sun said. "The real issue here is about China’s consumption, whether China has consumed enough or spent enough, also whether the US has saved enough." After coming under increasing pressure from trading partners, particularly the US, China said it would allow its currency to appreciate against the dollar. China has been focusing on increasing domestic consumption since the collapse of global export markets during the financial crisis, particularly in rural areas where the government has introduced subsidies on consumer electronics and domestic appliances.