Chipmaker targets 20% annual revenue growth

Semiconductor Manufacturing International Corporation, China's biggest chipmaker, is targeting 20 percent annual revenue growth, and has pledged to continue diversifying its business.

Zhang Xin, the vice-president of SMIC (Beijing), highlighted monitoring equipment, wearable devices and intelligent home systems as targets of expansion, as strong quarterly revenues were unveiled on Friday which showed the company is still enjoying robust growth, despite a slowing semiconductor market.

China's smartphone market has effectively reached saturation point, but "smartphone chips are just one part of our businesses", Zhang insisted.