On the afternoon of November 24th, 2016, Business School and Data School were declared to be founded at NIT. The NIT leaders, the administration staff and the teacher representatives of the two new schools attended the meeting, which was chaired by Fei Yingqin, Party Secretary of NIT.

According to the Organization Department of Zhejiang University Party Committee, Professor Xiao Wen and Prefessor Pang Chaoyi were appointed Dean of the Business School and Dean of the Data School respectively. Institute of Economics and Management (excluding the Institute of Information Management and Information Systems) is to be incorporated into the Business School.