Leaders from different industries have gathered at the first China International Import Expo, which opened in Shanghai on Nov. 5, to share their insights on trade, business, and economics.
Lei Jun, founder and CEO of Xiaomi, guested on the parallel session on trade and investment of Hongqiao International Economic and Trade Forum. In his speech, he pointed out that cross-border trade can benefit local consumers, investment environments, and the local economy.
According to Lei, Xiaomi was founded eight years ago and began the process of globalization four years after founding. As of the end of the second quarter this year, Xiaomi‘s international business has grown by 150 percent. The company has broken into 82 overseas markets, in which Xiaomi has become the top five player in 25 of them.
Lei stated that Xiaomi‘s global expansion advanced step by step. The company first ventured into India, then into the Southeast Asian regions, followed by Russia and the CIS countries, and eventually into Europe. It is reported that Xiaomi is holding a launch event in London on Nov. 8 to unveil its latest product, Mi 8 Pro, to the UK market.
“Xiaomi‘s philosophy is to bring good quality products with reasonable prices to local consumers,” said Lei. “We’re cultivating our own local operations teams as well.”
Lei explained that Xiaomi set up regional headquarters, supported by ancillary facilities such as manufacturing plants and supply chain factories, then invest in the local business to improve the ecosystem and the layout of its Internet business.
“Xiaomi always selects the most economically active and business-friendly regions to establish its headquarters and invest in,” said Lei.