Apple is offering rare discounts of up to 500 yuan ($68.50) on its latest iPhone models in China, as the U.S. tech giant moves to defend its market share against rising competition from domestic rivals like Huawei. From a report: The four-day promotion, running from Jan. 4-7, applies to several iPhone models when purchased using specific payment methods, according to its website.

The flagship iPhone 16 Pro with a starting price of 7,999 yuan and the iPhone 16 Pro Max with a starting price of 9,999 yuan will see the highest discount of 500 yuan. The iPhone 16 and iPhone 16 Plus will receive a 400 yuan reduction. The discounts come as consumers remain cautious with spending amid China's slowing economy and deflationary pressures, with the country's consumer inflation hitting a five-month low in November.

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