Chinese State-owned enterprises (SOEs) saw 23.5 percent profit growth last year as the economy held steady, official data showed Tuesday.

SHANGHAI/HONG KONG - China's State-backed Beijing Automotive Group (BAIC) will take its electric vehicle unit public by injecting it into another listed subsidiary, boosting its financial muscle as the battle for the country's fiercely contested green energy car market heats up.

China's service sector, especially internet-based businesses, will continue to outperform other sectors in 2018, supporting China's growth, according to analysts.

New energy vehicles have great potential in China, despite the gradual withdrawal of subsidies, with the numbers of electric cars, plug-in hybrids and fuel cell cars expected to account for half of car sales in China by 2030, according to a top expert.

Industrial output rose 6.6 percent last year, up 0.6 percentage point from a year earlier, the National Bureau of Statistics said on Thursday, driven largely by the global economic rebound, momentum from the Belt and Road Initiative and surging domestic demand.

Chinese carmaker Beijing Automotive Group Co will phase out conventional fuel-powered cars under its own brand by 2025 as part of its ambitious new energy car campaign, according to a top company official.