Some analysts say the tax could push some of the biggest polluters out of business, and an earlier study by the Environment Ministry found it could reap in 50 billion Yuan per year or three times as much as similar legislation pulled in last year.

“This sends a clear message to the industry: you change, or you die,” said Shi Lei, deputy director of the State Environmental Protection Key Laboratory of Eco-Industry at Tsinghua.

The new law would force polluters to pay up to 12 yuan (HK$13.40) for each 0.95kg of nitrogen oxide or Sulphur dioxide released. Mines would have to pay 15 yuan for each tonne of tailings. Every tonne of ash produced by a coal-fired power plants will result in a fine of about 25 yuan. Nuclear power plants will also have to pay for producing radioactive waste.

Carbon dioxide, perceived by some experts as the most dangerous pollutant, is not on the list of regulated contaminants. Nonetheless, the government has made strides in pushing for stronger environmental regulations than ever before. On the other side of the world, some critics say a lax regulatory environment of industry has given China an unfair advantage in the world economy – a view shared by Peter Navarro, United States President-elect Donald Trump’s pick for head of his newly-created White House National Trade Council.

Moreover, the new law comes in a regulatory climate where local governments on the mainland are pushing further to expand the scope of “environmental crimes,” and prosecute people behind business with the worst environmental track records.

Yan Maokun, head of a research office at the Supreme People’s Court, says this law would make that easier.

However, some analysts say this regulation is still not enough.

Yuan Ying, assistant manager at Greenpeace East Asia’s office in Beijing, says the new tax would add 0.004 yuan per kWh to the cost of coal-fired power; however, he says the real environmental cost is estimated at between 0.1 yuan and 0.3 yuan per kWh.

This week, the mayor of the northeastern Taiwanese city of Taoyuan confirmed that Trump was considering erecting a series of luxury hotels and resorts there. Back in September, a Trump Organization representative visited the city’s Aerotropolis, a large-scale urban development project aiming to benefit from Taoyuan’s status as an East Asian transport hub — a visit that the mayor described as mere investment speculation, according to Taiwan News.

Other reports claim that Trump’s second son Eric Trump will visit the area later this year to discuss the potential business opportunity. Eric is also  executive vice president of the Trump Organization.

Trump has promised to hand over control of the Trump Organization to Eric and the rest of his children, Ivanka and Donald Jr., after he assumes office. But could Trump’s expanding business ventures put him in potential conflicts of interest, while he carries out his duties as leader of the free world?

In the last 50 years, it has been the norm for office-holders to hand over their assets to be managed by an independent trustee under a financial agreement called a “blind trust.” This agreement essentially means that the president has no knowledge of the trustee’s investments, thus allowing the president to make decisions with greater impartiality.

In Trump’s case, however, the agreement won’t be “blind” at all. Of course, the multibillionaire businessman and celebrity-turned politician is no stranger to breaking away from the norm.

Much like his presidency, the fate of his business empire is shrouded in mystery. And outside the Taiwanese business world, the city’s citizens are also waiting to see what will become of cross-strait relations under Trump, who stuck to an isolationist platform during his campaign and promised to bring back jobs to America — a pledge that resonated with Americans across the country.  

According to the report released On October 13, the middle class in China has been growing faster than its U.S. counterpart.

Since 2000, China has added 43.4 million adults to its middle class while the U.S. has lagged behind with just 22 million.

“The middle class will continue to expand in emerging economies overall, with a lion’s share of that growth to occur in Asia,” said Credit Suisse CEO Tidjane Thiam. “As a result, we will see changing consumption patterns as well as societal changes as, historically, the middle class have acted as an agent of stability and prosperity.”

Middle class wealth grew faster this year in Asia than it did in North America and Europe.

The report defines the middle class “in terms of a wealth band rather than an income range” and benchmarks it against the U.S. because it traditionally has had the world’s largest middle class. The lower level of the band is defined as having wealth “double the medium income,” or $50,000 at mid-2015 prices. The upper level is defined as ten times that amount..