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"China market is vast and fast changing and there is still a lot of space for new comers if they are able to differentiate and win through either efficiency or better customer experience," he added.

"China Earthquake Catastrophe Model v2.0" is an important achievement made by the government, academia and enterprises through their concerted innovation . In order to better develop this model, China Re initiated China's first fin-tech company of catastrophe risk control – China Re Catastrophe Risk Management Company, and brought in a professional model development team with overseas working experience. China Re has integrated valuable scientific research and data resources with the support of professional research institutes including the Institute of Geophysics and the Institute of Engineering Mechanics of China Earthquake Administration. China Re applied for the State Key Research Project, “Earthquake Insurance Loss Assessment Model and Applications”, and received special fund from the Ministry of Science and Technology of China. The above-mentioned work ensured that the model development was completed within two years. Currently, the model has been recognized by the Seismological Society of China as a first-class international model. The model platform has also been tested and certified by authoritative software evaluation agencies, with complete technological verification certificates, user documents, technological documents, and training and operational service systems. The model is thus fully-qualified and ready for commercial use.

"China has done remarkably well," said Wei Sun Christianson, chief executive of Morgan Stanley China and co-chief executive of Morgan Stanley Asia Pacific, at the Fortune China Most Powerful Women summit in Shanghai on Dec 10.

"By having an archway in Sunset Park, it becomes a magnet with the gravitational pull that will allow a large number of Chinese visitors, tourists and residents to go deeper into the heart of Brooklyn," Adams said.

"China attaches great importance to the accident," said Geng, adding that some of the crew members have been rescued while others are still missing.