Business economics is a discipline specializing in the study of economic relations in commercial sectors and their development laws. Business economics, as a branch economics, was founded in the process of socialist construction in the Soviet Union after the Russian October Revolution in the 20th century. At that time, the research scope was limited to the Soviet Union, which was called "Soviet trade economy". Shortly after the founding of People's Republic of China (PRC), in order to study China's business, business economics was founded, known as China Socialist business economics.