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The second one is of course better. Although getting a great GMAT is an awesome way to show the AdCom that you are now a serious student it still doesn't "make up" for a low GPA. And a student that has an excellent GPA + excellent GMAT will be a priori a stronger candidate. This does not mean you can't make it into a great program! You can! But if you have as I understand a 730 - you do not need to take the GMAT again. In fact it would be a total waste of your time. A 730 is totally awesome! and already way over the average of all schools even HBS and Stanford!!!!!
I find that there is the impression often amongst Chinese candidates that if you only get xxx points higher on the GMAT you will for sure get in. But even if the GMAT is very important, your candidacy will be considered as a whole. And the difference between a 730 and 750 is less important than anything else you can do. So do yourself a favor and don't take the GMAT again. Instead use your time to research the school, to build contacts, to get a bit more leadership experience. all of these things will be more valuable to you in the long-term.
Hope this helps!!!!
Jon Frank
HBS 2005
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