This paper uses the DIV index to reveal the changes in the export diversification of China’s expanding industrial products under the trade frictions and the COVID-19, and to explore the impact of product factor endowments on the export diversification of China’s expanding industrial products. The research shows that: (1) the export diversification of China’s primary products has fallen to the bottom at the end of 2019, but there has been a significant increase in 2020 under the COVID-19. From 2007 to 2013, China’s export diversification level of primary commodities was significantly higher than the world level, but by the end of 2019, the world level had surpassed China’s level. (2) The export diversification of China’s manufactured goods has declined, and this trend has not changed under the COVID-19. During the sample period, the export diversification level of China’s manufactured goods was significantly lower than the world level. (3) China’s export concentration in high-tech manufactures is too high, and it is urgent to diversify risks through export diversification. China has a high level of export diversification in medium-technology, labor and resource manufactures, and is faced with less export risks.