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Chinese budget smartphone maker Xiaomi plans to sell 40 million handsets in 2014, more than double the number it sold in 2013, its chairman said on Thursday, reinforcing the companys ambitions to outsell more expensive offerings from Apple Inc and Samsung Electronics Co Ltd. Lei Jun, who is also co-founder of the tech firm, made the projection on Sina Weibo, Chinas most widely used microblogging site, and it was reposted on Xiaomis website. China is the worlds biggest market for smartphones. Lei said privately held Xiaomi had sold 18.7 million smartphones in 2013, a 160 percent increase from 2012, and that sales revenues, including taxes, rose 150 percent to 31.6 billion yuan ($5.22 billion). Xiaomis sales growth far exceeds projections for the global smartphone market, which is seen expanding at an annual rate of 18 percent a year until 2016, according to research firm Canalys.