The growing global attentions to Chinese CO2 emission are always accompanied by the ignorance of the fact that the CO2 emissions from exported China-made products accounts for a significant part in China's green house gas emissions growth. In this paper, CO2 emission intensity is taken as a basis for estimating the CO2 emissions in Chinese import and export trading, further the net CO2 emissions is calculated. According to research results, from 1997 to 2007, China had been a net CO2 exporter and seen a stable annual increase in the proportion of the net CO2 emissions in international trade to the total CO2 emissions, which could be summed up as “pollution at home, consumption overseas”.