The SOE profit growth also creates favorable conditions for China to push forward industrial upgrading and optimization of its economic structure.
As the world's largest patent filer in the sphere of graphene, China is forecast to enjoy brisk growth in the industry over the next five to 10 years, according to industrial insiders.
Domestic home appliance manufacturers reported a 20.4 percent increase in 2016 profits, Beijing Business Today reported citing data from the National Bureau of Statistics.
Qingdao Haier Co Ltd - the listed arm of Haier Group, China's biggest home appliance supplier - said it will join hands with e-commerce giant Alibaba Group Holdings Ltd to own stakes in Haier's multimedia company.
The length of the tunnel will be 8.1 kilometers, and the track will reach depths of up to 85 meters below sea level.
Li Qun, Party chief of the Qingdao government, paid a visit on Feb 24 to Befesa Desalination Plant, the largest seawater desalination plant in China with production of 100,000 tons of fresh water every day.
Chinese home appliance manufacturer Hisense Group launched its first dual-screen smartphone A2, aimed at young consumers and e-book enthusiasts.