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According to Hao Jie, head of the CIH, the budget for the project is estimated to be 300 million (47.07 million U.S. dollars) to 500 million yuan.

An initial calculation by the Beijing Water Authority showed that Beijing's rainstorm and flooding might cause economic losses of up to 10 billion yuan (1.59 billion U.S. dollars). Industry watchers said this would not bode well for insurance shares on the Hong Kong Stock Exchange which also saw slumps on Monday.

He also called for diversified measures in afforestation to further improve the ecological environment and deal with climate change.

Wang Jun, an expert with the China Center for International Economic Exchanges, forecast "relatively severe difficulties" in China's foreign trade for the next one to two years.

Both witnesses at the scene and fire fighters believed that leaked methanol from the tanker ran to the bus and caught fire, trapping the passengers who were not able to escape within a short time.