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September 29, 2017

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Shanghai clarifies emerging sectors

BUSINESS registration of innovative companies and government services will be facilitated with Shanghai’s release of an official classification of emerging industries.

The new classification clarifies more than 200 previously unspecified industries, such as Big Data, artificial intelligence, 3D printing and new-energy research, the Shanghai Administration for Industry and Commerce announced yesterday.

It also lay down standards to fit new industries into an existing national industry classification and coding system to unify tax policies, statistical methods and government supportive measures citywide.

“The classification will become a standard for various government departments to serve and manage new industry companies, and allow the companies greater recognition in all stages of market entrance and business operation,” said Zhong Min, deputy director of the administration.

“The classification will be updated to suit new needs of innovative companies.”

He said Shanghai established China’s first multi-department coordination system which consists of six government departments covering economic planning, science, technology, tax and statistics.

They will hold a joint conference under the initiation of the industry and commerce administration to make timely adjustment to the new classification.

Official data showed the output of strategic new industries, including new-energy cars, new-generation information technology, energy saving and environment protection, advanced equipment manufacturing, bio-pharmaceutical, rose 6.8 percent year on year in the first half.


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