China is considering introducing new or higher taxes on real estate, possibly even a U.S.-style property tax, which would mark a significant escalation of its struggle to cool down a booming property market now widely being described as a bubble.

How authorities handle any kind of property tax -- the prospect of which is fiercely opposed by some property developers -- will have significant implications for China's economy, and will ripple through global markets. The construction boom is the main driver of the current recovery in China, and is one of the few parts of the world economy growing strongly right now. Construction also underpins China's demand for raw materials, which has helped to support global prices for commodities, such as copper and iron ore.