Xiaomi expects to exceed sales of $11b in 2014

The sales revenue of Chinese smartphone maker Xiaomi Corp is expected to surpass 70 billion yuan ($11.44 billion) in 2014, thanks to booming Internet development, a senior manager of the company said.

Lei Jun, founder and chief executive officer of Xiaomi, said during a panel discussion at the annual session of the National People's Congress that robust development of the Internet in recent years has provided huge opportunities for traditional industries to upgrade their businesses.

"Like many other businesses, we are taking this opportunity to enter the smartphone market," Lei said.

Lei said the company sold 18.7 million smartphones, worth 31.6 billion yuan, last year, up 150 percent year-on-year.

"We are confident of a target of 100 billion yuan in sales next year," Lei said.