Using　export　data　with　6-digit　HS　categories　for　1995-2018,　we　decompose　China＇s　export　growth　into　three　margins:　extensive　(EM),　price　(PM),　and　quantity　(QM).　Our　estimations　suggest　that　over　the　23-year　period,　QM　is　a　main　driving　force　of　China＇s　export　boom,　accounting　for　62%　of　total　contributions,　while　PM　and　EM　also　make　significant　contributes　(26%　and　12%,　respectively).　Dynamic　analyses　based　on　four　sub-periods　suggest　informative　patterns　of　export　upgrading　due　to　external　and　internal　shocks.　In　1995-2001,　PM　and　EM　are　overwhelming　drivers,　and　QM　is　even　negative.　The　trade　liberalization　as　China＇s　entering　World　Trade　Organization　in　2001　seems　to　trigger　a　dominant　role　of　QM　in　China＇s　explosive　export　growth　in　2001-2013,　with　slight　negative　PM　in　the　same　two　sub-periods.　The　contribution　of　EM　is　negligible　in　2001-2008,　and　negative　in　2008-2013　due　to　falling　world　demand　as　a　result　of　the　global　financial　crisis.　In　more　recent　years　(2013-2018),　China＇s　export　growth　depends　more　on　PM　(39%　of　contributions)　and　EM　(33%),　less　on　QM　(28%),　suggesting　a　significant　export　upgrading.