Xiaomi Corp, the world's third-largest smartphone maker, is targeting expansion in developed markets after carving a niche for itself in the developing world, as part of its efforts to end reliance on the domestic market.

Wang Xiang, senior vice-president of the five-year-old startup based in Beijing, said Xiaomi is "never afraid of entering developed countries and regions".

"We will cover the surrounding markets first, and then we will enter developed markets after we have gained enough experience and talents," he said during this year's annual China conference held by AmCham Hong Kong on Tuesday.