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"From a 5G telecom equipment point of view, I don't think this hurts the company too badly, but this will hurt in 5G smartphones and any aspirations in the 5G edge data center," said Patrick Moorhead, president and principal analyst of Moor Insights and Strategy, a global technology consulting company.

"Government reform and innovation is vital to achieve economic and social development. It will also boost public confidence in government capacity," he said.

"First, I had to obtain a tax certificate from the tax department and submit it and other financial statements to the bank for approval. The process took more than one month, but now I can borrow money in minutes by phone after registration," Cheng said.

"Financial innovation can reduce the financing difficulties of small and micro businesses, but we should pay more attention to their diversified demands, especially that of some startups," said Bei Duoguang, president of the Chinese Academy of Financial Inclusion at the Renmin University of China.

"Globalization presents incredible opportunities and maximizes value on global economy. Technology transfer is a huge opportunity and we can exploit sectors like agriculture, infrastructure and women entrepreneurs to fight inequality," Senbet told Xinhua.