Cheng Wei, CEO of Didi Kuaidi, China's largest mobile-based car-on-demand service provider. [Photo/IC]

Cheng Wei, chief executive officer of Didi Kuaidi, China's largest car-on-demand service provider, said he is excited to find the term "sharing economy" was mentioned by President Xi Jinping in his keynote speech at the Second World Internet Conference in East China's Wuzhen on Wednesday.

"President Xi said at the opening ceremony that sharing economy and Internet-enabled innovation will be highly supported and promoted," said Cheng.

Cheng said Didi is a typical example of how sharing economy can thrive in China. According to him, the company, which was founded in 2012 with an initial investment of 800,000 yuan ($123,760), has grown into the largest mobile-based transportation platform in the world with an estimated value of 100 billion yuan.