Xiaomi Mi4 is unveiled packing impressive specs for the asking price

Xiaomi has unveiled its new flagship phone, the Mi4, which follows on from the Mi3 and manages to do a lot on the value for money front.

It boasts some impressive specs including a Snapdragon 801 running at 2.5GHz backed up by 3GB of RAM, and a 5in display with a 1920 x 1080 resolution (and a very high colour gamut, apparently).

Storage is 16GB or 64GB, and there's a 13 megapixel rear-facing camera capable of 4K video recording, and an 8 megapixel front-facer (that's some hefty resolution for a front camera, for sure).

A 3080mAh battery should ensure some longevity, and the phone weighs in at 149 grams, and comes with a stainless steel frame for a good dose of aesthetic appeal by all accounts. It's going for an iPhone-esque look, but without the Apple premium price tag, as the Mi4 is pitched at RMB 1999 (around £190) for the 16GB version.

That's quite some value for money given the handset's innards, and it may worry Apple, a company whose idea of a budget phone is to knock £100 off the price of its flagship. The smartphone market is slowly turning more towards reasonably high-powered, lower-cost efforts, and if Apple sticks to its premium territory, it could well find itself slipping in terms of market share (particularly in Asia and developing markets).

According to Android Beat, while the standard version of the Mi4 launches in a week's time in Asia, the LTE version won't be coming out until September.

Xiaomi is expecting to sell 40 million handsets this year, more than double the 18.7 million it flogged in 2013.