This　paper　uses　the　Global　Trade　Analysis　Project　(version　7)　database　to　calculate　embodied　CO2　emissions　in　bilateral　trade　between　China　and　other　countries　(regions)　based　on　input-output　methods.　The　sources　and　flows　of　embodied　CO2　emissions　in　import　and　export　trade　of　China　are　analyzed.　Results　show　that　the　flows　of　embodied　CO2　emissions　in　export　trade　are　highly　concentrated.　The　main　flows　to　the　United　States　(US)　and　Japan　account　for　1/4　and　1/7　of　the　total　CO2　emissions　in　export　trade,　respectively.　Concentrated　flows　of　total　exports　and　small　differences　in　export　structure　are　the　main　reasons　for　the　highly　concentrated　export　trade.　The　sources　of　embodied　CO2　emissions　in　import　trade　have　relatively　low　concentration.　Taiwan　Province　of　China,　Hong　Kong　Special　Administrative　Region　of　China,　US,　Russia,　Republic　of　Korea,　and　Japan　account　for　around　7.72%-12.67%　of　the　total　embodied　CO2　emissions　in　import　trade.　The　relative　dispersion　of　import　sources,　the　impact　of　the　import　structure,　and　the　level　of　production　technology　in　importing　countries　caused　low　concentration　of　CO2　emissions　in　import　trade.　Overall,　the　embodied　CO2　emissions　in　the　export　trade　of　China　are　higher　than　those　in　import　trade.　As　a　result,　production-based　CO2　emissions　are　higher　than　consumption-based　CO2　emissions.　The　difference　of　8.96　x　10(8)　t　of　CO2,　which　comes　mainly　from　the　US,　Japan,　Germany,　and　the　United　Kingdom,　accounts　for　58.70%　of　the　total　difference.　Some　suggestions,　such　as　improving　energy　efficiency,　alerting　high　carbon-intensive　industries　transfer,　expanding　the　market　for　sharing　risks,　and　prompting　the　accounting　system　of　consumption-based　CO2　emissions,　are　proposed　based　on　the　results.