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Xiaomi has debuted the MI3, a smartphone unit that has the look and feel of the iPhone. The model has been slowly getting the nods of even the worst critics in the industry to date, simply because it has managed a feat that even Apple and Samsung has yet to master: release a high-quality smartphone and retail it on a budget.

China Daily has named this year's top smartphone producers in China that are also making waves globally. Some of these mobile giants are even expected to surpass the two market leaders, US-based Apple Inc. and Korean company Samsung Electronics Co. who has long been dominating the mobile communications industry for the past several years.

Things are looking up for the upcoming Xiaomi Mi-4 as China-based Xiaomi continues to be successful with its Xiaomi Mi-3 device selling 10 million units to date. More importantly, the company has been recognized by Apple co-founder Steve Wozniak.

Santa Clara, US-based semiconductor chip maker Intel Corp shelled out $100 million to establish an innovation center in China to accelerate the innovation of smart equipment in the Asian country.

Analytics company Umeng said the number of active smartphone users in China has surpassed the 700 million mark as of the end of 2013, TechCrunch reported.

Beijing, China-based software company Kingsoft will sell a a 4.7% stake worth $20 million in its game developing subsidiary Westhouse to Chinese smartphone manufacturer Xiaomi.

HTC Corp intends to expand its range of more affordable smartphones after the losses it experienced last year for its high-end product offerings, Reuters reported.

Data showed that Android holds the top spot as the most popular mobile platform in the world but Samsung is clearly under pressure as local players step up their game, TechCrunch reported.

Chinese founders of technology firms that have become billion dollar firms have gone on to start other companies or act as benefactors of other startups or give guidance to young firms, the Financial Times reported.