The International Table Tennis Federation's (ITTF) Executive Committee has given the green light for the governing body to become World Table Tennis from 2021, at its meeting in Chengdu.
The ITTF also announced plans for a change in governance structure and an intention to create a Sustainability Working Group.
The name change proposal was put forward by the ITTF Tender's Selection Panel and would see World Table Tennis house the ITTF's core commercial assets from 2021.
The move is aimed at facilitating more innovative conversations with potential partners and allowing ITTF to modernise its commercial business activities.
"Our Executive Committee meeting was an historic one, as the ITTF approved the structure of World Table Tennis, which will bring much-needed funds into table tennis and allow us to make significant strides forward with our products," said ITTF President Thomas Weikert.
"In addition, we made good progress with our governance review, as well as making the decision to be much more vigilant in regards to making the sport of table tennis more sustainable."
At the meeting, the ITTF also made a commitment to changing its current governance structure to ensure Continental Federations have a vital role at the highest level of the Federation.
The ITTF discussed the possible change to participation of Continental Federations to enable them to work closer with the decision-making bodies of the world governing body.
The Executive Committee expressed that the relationship between the ITTF and Continental Federations "is often not ideal" and believes a change in governance structures could improve relations.
The Sustainability Working Group has been set up to ensure future events and activities fall in line with global needs related to protecting the environment.
The ITTF Executive Committee raised the issue of sustainability in today's society and stressed the importance of reducing the negative impact on the environment.
The Sustainability Working Group plans to bring together international experts to look at ways table tennis can help to find solutions, especially in the area of equipment and sporting materials.