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"China already is seeing a batch of world-class companies arise on the horizon," said Wang.

"By lowering gross profit margins and special offerings from the brands, One Jewelry aims to sell the same items at the same price as in home markets such as the United States or Europe," he said.

"But there is no need to be overanxious about the risks as China has a deposit insurance scheme. By taking measures, such as appointing another bank to temporarily manage the bank which undergoes the mergers and acquisitions process, regulatory authorities will help small and medium-sized banks make a smooth transition of liquidity," he said.

"China has become a very prosperous country and at this moment it is the second biggest economy in the world. I think this is extremely good because China has much that it can contribute towards the development of the world including the developing countries," he said.

"But of course, some countries are going to be hit especially hard, and some of the weaker banks might need to be resolved," he said, "furthermore, in some countries, there could even be system-wide distress."