Wang Xing, founder and chief executive of Meituan has become the latest in the list of Chinese tech leaders to echo President Xi Jinping’s recent rhetoric on wealth redistribution, promising to overhaul the Beijing-based food delivery service’s practices amid an increasing regulatory crackdown, reports the Financial Times.
The Meituan CEO told investors on Monday that “common prosperity” was “built into the genes” of his company. Xi used the same phrase in an influential speech earlier this month, in which China’s president warned about excessively high incomes in the world’s second-largest economy.
“We will continue to actively implement compliance requirements, improve internal control mechanisms across all our businesses, conduct in-depth self-reviews and actively rectify any issues to ensure full business compliance and to avoid risk,” Wang said.
With an expansive crackdown across the Chinese tech sector gathering pace, Wang added that Beijing’s actions were both a “warning and motivating”.