China is a member of the WTO and is the world's largest trading power, with a total international trade value of US$3.87 trillion in 2012.[20] Its foreign exchange reserves reached US$2.85 trillion by the end of 2010, an increase of 18.7% over the previous year, making its reserves by far the world's largest.[293][294] In 2012, China was the world's largest recipient of inward foreign direct investment (FDI), attracting $253 billion.[295] In 2014, China's foreign exchange remittances were $US64 billion making it the second largest recipient of remittances in the world.[296] China also invests abroad, with a total outward FDI of $62.4 billion in 2012,[295] and a number of major takeovers of foreign firms by Chinese companies.[297] In 2009, China owned an estimated $1.6 trillion of US securities,[298] and was also the largest foreign holder of US public debt, owning over $1.16 trillion in US Treasury bonds.[299][300] China's undervalued exchange rate has caused friction with other major economies,[205][301][302] and it has also been widely criticized for manufacturing large quantities of counterfeit goods.[303][304] According to consulting firm McKinsey, total outstanding debt in China increased from $7.4 trillion in 2007 to $28.2 trillion in 2014, which reflects 228% of China's GDP, a percentage higher than that of some G20 nations
