The economic loss from the massive blasts in Tianjin Port, north China two weeks ago may reach 73 billion yuan (US$11.4 billion), the China Economic Weekly reported.

After the deadly explosions, estimates of the economic loss vary among industry analysts, with the highest figure, 73 billion yuan, coming from a German finance website.

The figure may be reasonable, but we should wait to see specific figures determined by professional agencies after thorough investigation, according to Xiao Jincheng, director of the Institute of Spatial Planning and Regional Economy under the National Development and Reform Commission, China's top economic planner.

Nonetheless, the loss must be significant, Xiao said.

The incident has had an obvious impact on the auto industry. Before the explosions, 40 percent of foreign vehicles reached China through Tianjin port. Thousands of new cars were destroyed during the explosions, and auto makers worldwide are calculating their losses.

The insurance industry also suffered greatly, as industry insiders estimated that the insurance loss from the explosions may reach 5 billion yuan (US$ 0.78 billion) to 10 billion yuan (US$1.5 billion), which will set a new record in the history of the industry.

But the greater damage was to the image of Tianjin, Xiao said.

Many companies previously planned to develop business in the Tianjin Binhai New Area, but the explosions have made them hesitate. "The indirect loss is incalculable," Xiao said.

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