A high-end restaurant in Nanjing, Jiangsu province, changed its name and reduced its prices on Monday, in response to its dwindling customer base thanks to China's introduction of a series of regulations to curb waste and displays of wealth.

Yuchihuang Restaurant, or Shark Fin Emperor Restaurant, which has been operating in Nanjing for 11 years, has changed its name to Suixinyuan, which literally translates to “at will and good”.

"Compared with the former name, the new one is more modest and can be accepted by the public," said Zhang Yufu, general manager of the restaurant. "It implies that everyone can enter the restaurant and enjoy food at their will."

He said it used to cost at least 800 yuan ($129) a head to eat at the restaurant, but now the dishes are cheapers. The price of a plate of vegetables has dropped from 68 yuan to only 28 yuan.

According to statistics from Jiangsu Catering Industry Association, about 30 to 35 percent of food is wasted in luxury Chinese restaurants and 15 percent in medium and small restaurants.