China’s Huawei posted its biggest annual Revenue growth since 2008, thanks mostly to China’s adoption of fourth-generation (4G) mobile technology.

Huawei, which is one of the world’s largest telecom equipment makers, said total revenues rose 37 percent to $61.10 billion in 2015, slightly above forecasts.

It said that it expects revenue to increase to $75 billion this year, which implies the growth rate will slow to 23 percent.

The company had in early 2014 targeted overall revenue of $70 billion by 2018, which translated to growth of roughly 10 percent.

Huawei forecast 2016 revenue of $30 billion for the consumer devices business, which was its fastest growing division and second-biggest revenue generator last year.

However this means that revenue growth in the business will slow down to about 51 percent in 2016 from about 73 percent in 2015.

Huawei was the first Chinese handset vendor to ship more than 100 million smartphones in a year in 2015 when a 44 percent jump in its shipments defied a market slowdown.

Revenue in Huawei’s carrier business, which competes with Sweden’s Ericsson for the top spot globally for telecommunication equipment, increased 21.4 percent in 2015 on strong demand for 4G telecommunication equipment.

The carrier business is Huawei’s biggest, accounting for about 59 percent of 2015 revenue. Revenue in its Enterprise business rose 43.8 percent last year.

Huawei said it spent 15 percent of its revenue last year on research and development, above its guidance of 10 percent. Operating margins dipped to 11.6 percent from 11.9 percent.