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Funded by the insurers doing business in California, the Fair Access to Insurance Requirement plan provides a limited policy as a fallback for property owners unable to find conventional coverage they can afford.

Those who had opted not to attend this year after attending previously cited the diminishing value of investment and limited policy changes as among their reasons.

“The United States and its allies have limited policy options in addressing this new challenge,” Washington-based Center for Strategic and International Studies said in an analysis.

While both Wang and Hu served stints leading the economic powerhouse of Guangdong province and are seen as pragmatic, pro-reform officials, their capacity to make major changes could be limited, policy insiders said.

“Countries with high debt levels and limited policy space will face additional strains. Look no further than Sri Lanka as a warning sign,” she said.