A total of 541 companies in Shanghai's Pudong New Area have been recognized as hi-tech enterprises in 2016, accounting for nearly a quarter of the city's total number, Pudong Times reported on March 2.

By the end of 2016, the number of hi-tech enterprises in Pudong reached 1,711, the highest ranked area in the city.

Companies recognized as hi-tech enterprises are able to enjoy a series of benefits, including tax deductions, financial support in R&D, and help with image development.

In order to offer a greater of number of companies access to these benefits, particularly small and medium-sized ones, the Ministry of Science and Technology has worked together with the Ministry of Finance and State Administration of Taxation to amend previous regulations on Jan 29. The new changes will see a slight lowering of the threshold standards required of applicant enterprises.

The amendments include lowering lowering the requirements of R&D intensity, the expenditure on R&D divided by a company's sales, cancelling a three-year limit on intellectual property rights obtained by applicants, and cutting the required numbers of tech-based employees in a company from 30 to 10 percent.

Pudong tech authorities also organized dozens of lectures to explain and publicize the policy in parks and incubators around the district. The goal is to help a greater number of local companies to apply for the title of hi-tech enterprise.