In this Year of the Tiger, China, the world’s largest carbon emitter, is signaling more aggressive climate action on several fronts, including expanding its national carbon emission trading system (ETS).  Since the launch of the program on July 16, 2021, results have been encouraging; carbon intensity fell three and a half percent in the second half of 2021 and total carbon emissions only grew by four percent, compared to nine percent in the first half of the year. However, China’s implementation of ETS has triggered criticism for having low penalties, loose restrictions, and too low a carbon price. Like a tiger in tall grass, it is vital that Chinese policymakers pounce on the obstacles to expanding ETS coverage and transition from an intensity-based cap to an absolute cap. Signs show this can happen sooner as opposed to later.