The reversal of the growing trend of China`s current account surplus has drawn the attention from various fields since US sub-prime lending crisis. By adopting the industry-level trade data, the paper reveals the industrial structural feature of China`s current account surplus. Further, the paper figures out firms` leading forces in each industry by using the firm-level trade data. The results show: (1) Labor-intensive industries are the main sources of China`s trade surplus while the foreign exchange-earning ability of technology-intensive industries is still relatively weak. (2) In most industries, trade surplus is mainly attributed to the quantity-expansion effect of existing products, and the effect of industrial upgrading out of high-tech enterprises and new products are negligible. (3) The quantity-expansion effect drives the rapid recovery growth of China`s trade surplus after the 2008 global financial crisis, and it can be properly inferred that the adjustment of China`s current account structure should be attributed to Chinese economy structural transformation other than crisis shock.