Xiaomi launches latest flagship smartphone

News conference attendees try the Xiaomi 4 cellphone on July 22, 2014 in Beijing. [Photo provided to chinadaily.com.cn]

Xiaomi Corp unveiled on Tuesday its latest flagship smartphone, which looks like a combination of Apple's iPhone and Samsung's Galaxy handsets.

The Xiaomi 4, features a 5-inch screen, a stainless steel bezel, a removable back case and a square-shaped camera. It supports China Mobile Ltd's fourth generation telecom network and will support other carriers' 4G standard. The price is 1,999 yuan ($321) for the entry-level device.

Founder and CEO of Xiaomi Lei Jun said the Xiaomi 4 will help the Beijing company hit a new sales record. He explained manufacturing details and technology at the launch event, and also emphasized the high craftsmanship.

"We always want to make a product that is better than the iPhones," said Lei. "The Xiaomi 4 is the latest testimony that we are able to do it."

Tian Zheng, a senior researcher at Analysys International, said Xiaomi is counting on the smartphone purchase peak in the second half of this year to increase product sales.

China's smartphone market reached 360 million in 2013, according to Analysys International.

Xiaomi has sold more than 57 million smartphones since the company was established in 2011, said Lei.

It aims to ship at least 60 million devices this year, which will push its annual revenue to 70 billion to 80 billion yuan.