The organisers called off the 99km race after Dejan Maric collided with other riders at the 16km mark.
Maric was rushed to a nearby hospital where he died of multiple serious injuries, state-run Xinhua news agency reported.
The organisers expressed deep condolences to Maric's family and promised to take good care of those injured in the accident.
The cycling race is featured prominently in the annual cycling and tourism festival at the Wuyi Mountains which have been listed as a UNESCO World Heritage Site for cultural, scenic and biodiversity values since 1999.
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