Internet firms launch financial revolution

The transition from traditional financial services to Internet-based alternatives has become "a new norm" of the Chinese economy, according to market insiders.

Different types of online financial businesses have expanded rapidly over the past year.

In September, the number of peer-to-peer lending companies increased to 1,438, with outstanding loans hitting 64.6 billion yuan ($10.6 billion), up 11 percent month-on-month.