Chinese smartphones make a splash
Meanwhile, Yu said that he personally supports Apple's decision to contest a USA court order requiring it unlock an iPhone used by a suspected criminal, stating consumer privacy is key for the smartphone market.
Chinese site Caixin reports that Apple has agreed to take much smaller fees from banks in China compared to the U.S. as the company this month launches its Apple Pay payments service in the country.
Apple topped the market, followed by Samsung Electronics and Huawei. Little-known brands TCL and OPPO are also taking a good slice of the market.
News about the launch of the Xiaomi Mi 5 came a few weeks ago when the company's senior vice president revealed that the phone will be launched at the end of February. It is also targeting a 30 percent increase this year, which would bring its 2016 sales to over 140 million units.
The fees levied by Apple on merchant interchange revenue have been a stumbling block for the company as it bids to enter new markets.
Kerr said: "It just needs the consumer to be aware of them, and then from that, there's a big tie-in, the networks to be aware of them, to list their phones, to retail their phones, to put it in the mind of the consumers and in the hands of the consumers more importantly". "Samsung was a fast follower in terms of innovation", she said.
The current expansion is a big step forward for Apple, as China has the largest smartphone market in the world. Sources from MediaTek quoted as saying that the in-house production of chips will cost more for the company, eventually leading them to raise the price of their products.
According to Reuters, Xiaomi Inc.is aiming to use smartphone processor chipsets that are self-designed and developed.
The smartphone maker, which is valued at around $45 billion, has seen huge growth due to its tactic of selling low-price, high-spec smartphones and using a mix of social media and selling direct to the consumer to build its brand.
Huawei showed off the laptop - which is powered by Microsoft Corp.s Windows 10 and comes with a detachable screen - to help fuel its rapid ascent in consumer devices.
Should we stay or should we go — European Union voteA requirement for EU members to seek ever closer union will also be amended to explicitly not apply to the United Kingdom. BRITISH PRIME MINISTER David Cameron has announced the European Union referendum will take place on 23 June.
Source: Chinese smartphones make a splash
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