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As a result, the number of mainland tourists to Taiwan has dropped by 40 percent since she entered office, which has caused the bankruptcy of tourism agencies in Taiwan and rising unemployment rates among tourist guides. Agriculture products, which previously accounted for a high percentage of Taiwan's products to the Chinese mainland, also became overstocked.

As early as 2013, the CSRC had signed a memorandum of understanding with the PCAOB to carry out cooperation in terms of audits.

As a result, a slew of major commercial property landlords have announced rent cuts or reliefs. A survey conducted by the Guangdong Restaurant Association showed that 69.64 percent of the restaurants were not in operation between Jan 18 and Jan 31. The rest who continued doing business reported their revenue more than halved compared to the same period of last year. And 30 percent of them reported almost nil revenue.

As for reform, China has made important supply-side structural changes aimed at developing a modernized and more sustainable economy. I believe the country is going in the right direction.

As US President Donald Trump signed a memo on Thursday that could lead to tariffs on up to billion worth of goods imported from China, many in the US are gauging what the impact will be.