Telecom firms dive deep for profits

Chinese telecommunications companies are scouring the ocean bottom for new growth opportunities and profits.

Huawei Technologies Co Ltd and other State-owned carriers are inking deals to lay transcontinental undersea cables after the industry watchdog gave the green light for export of homemade information technology products.

Miao Wei, the industry and information technology minister, said in an annual work report last week that China will encourage local enterprises to go abroad and participate in construction and operation of overseas telecom projects next year.