A set of industry standards were released Wednesday to regulate China's booming bike-sharing industry.

Bicycle associations in Shanghai and Tianjin drafted the regulations, which will take effect on Oct. 1, after soliciting advice from major bicycle manufacturers and bike-sharing operators.

More than 10 bike-sharing companies, including Mobike and Ofo, promised to abide by the regulations that comprise standards on the production, operation, and maintenance of shared bikes, according to Guo Jianrong, secretary-general of the Shanghai association.

The regulations specify a service life of three years for all such bikes and demand companies hire at least one maintenance employee for every 200 bikes.

They also regulate the management of deposits, handling of customer complaints, and compensation for users.

More than 10 million shared bikes are on the streets of Chinese cities,operated by over 30 companies. Industry insiders estimated that Mobike and Ofo take up more than 90 percent of China's bike-sharing market.