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"But the overall process will not be quick because it spans too many businesses and several different groups," said Zhang at Sublime China Information Group. "The negotiations will take a long time."

"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 made significant progress over the past three years in terms of market development and now meets all of the index inclusion rules," said Gloria Kim, Global Head of Index Research at JPMorgan.

"But we need to maximize opportunities and minimize challenges by tackling anti-globalization forces to accelerate growth," he added.

"China is currently the role model for renewing vitality in automotive markets around the world and it will stabilize Volkswagen Group's business while operations in Europe are still slowly coming back," said Woellenstein.