Chinese smartphone firm Xiaomi to set up production in India

Xiaomi, which was founded in 2010, has become one of China's leaders in the smartphone sector, with sales increasing 135 percent year-on-year to more than 70 billion yuan ($11.16 billion) in 2014.

According to company sources, Xiaomi sold more than 60 million smartphones in 2014, an increase of more than 227 percent from the previous year.

Exuding confidence, Li said that Xiaomi's robust business growth would help it catch up with other global smartphone makers like Apple Inc and Samsung Electronics Co Ltd in the next 10 years.

"Xiaomi wants to be the world's top smartphone producer and has an ultimate goal of building a sound and healthy market system to promote the development of the smartphone industry," said Lei.

The company's products are already being sold in several overseas markets like the United States and India.

"Xiaomi will not be listed in the next five years. We are concentrating on our core businesses to expand market share," he said.

The company will realize sales of more than 100 billion yuan this year, and is on track to sell more than 100 million phones, judging by the growing demand in domestic and overseas markets, Lei said. "The booming Internet industry has also created huge opportunities for Xiaomi's business growth."

With China's economy stepping into the "new normal" phase, traditional industries should be better integrated with the Internet sector, he said.

"Integration into the Internet business will help upgrade traditional industries and maintain business growth," Lei said.