Quotable

In this magic land, we produced not only a company like Alibaba, but a small miracle like Xiaomi."

Lei Jun, founder of Xiaomi, speaking at the World Internet Conference in Wuzhen, Zhejiang province, on Thursday. Top executives from US technology giant Apple and Chinese smartphone company Xiaomi traded light-hearted barbs at the conference, acknowledging the fierce competition between them. Apple stood in sixth place in China's smartphone market with only a 6.9 percent share from March to June, according to consultancy Analysys International, while Xiaomi - which was only established four years ago - ranked second with 13.5 percent.