Shanghai adds emerging sectors into industry classification

SHANGHAI — Shanghai released a new catalog Thursday for emerging industries, creating business licenses in artificial intelligence, big data and wearable equipment.

More than 200 emerging sectors have been included in the classification catalog of business scope and name descriptions, said Zhong Min, deputy chief of Shanghai administration for industry and commerce.

China revised its national economic industry classification in 2011, and has not updated it since.

Big data, wearable equipment, new energy vehicles, technology transfer services, and other new sectors are not included in the classification and are not allowed to enter company names or their business scope during license applications. Therefore, companies engaged in emerging industries are unable to apply for business license in their specific fields.

To encourage new businesses of the emerging sectors, Shanghai will update the industry classification catalog every two years, according to Zhong.

Huang Ou, deputy director of Shanghai commission of economy and information technology, growth of emerging industries contributed to over 30 percent of Shanghai economy, mainly in advanced manufacturing, science and finance, and information services.