Although China's nascent online finance industry has some very vocal critics, others see the sector as an agent of change that will bring higher interest rates for depositors and additional financing for struggling small and medium-sized enterprises.

"China's SMEs face multiple challenges. They must pay high borrowing costs and rising material costs, and some manufacturing is flowing back to the United States," said Guo Guangchang, founder and chairman of Fosun International Ltd.

The SME sector generates more than 60 percent of China's gross domestic product and about 80 percent of urban employment.