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Apple reduces iPhone prices in China



Apple cut prices for iPhone, iPads and other products on its official Chinese site.

The cuts followed a three percentage point drop in the value creation value (sales) that kicked in on April 1, according to the state-run news agency Xinhua.
Apple ( AAPL ) reduced the price of some products, such as the iPhone XS, with even more than 3% tax cut.

The latest 64 GB iPhone XS now costs 8.199 yuan ($ 1,220), making it 500 yuan ($ 74), or 5.8%, cheaper for Chinese buyers. The iPhone XR fell in price by 300 yuan ($ 45), or 4.6%.

Apple ( AAPL ) refused to comment on the price changes.
The company raised the alarm bells in January when CEO Tim Cook warned investors that "stricter" economic conditions in China weighed on iPhone sales last year.
Cook later told Reuters that Apple would lower iPhone prices in some markets outside the US to compensate for the strong US dollar.
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But the iPhone had already worn in China, even before the country's The economy showed signs of slowing and the weak Chinese yuan hit prices.

Apple's smart phone sales in China have been down for more than three years and doubled by 20% last year, according to market research firm IDC.

The California company faces stiff competition from domestic rivals such as Huawei, Oppo, Vivo and Xiaomi, all of whom offer cheaper, advanced smartphones tailored to the Chinese market.

"Even with this price reduction, these iPhones are still more expensive than competing from those like Huawei," said Kiranjeet Kaur, an IDC analyst.

China remains a key market for Apple, accounting for more than 15% of the total Sales Revenue from the Greater China Region – which includes Hong Kong and Taiwan – fell about 27% to $ 13.2 billion last year compared to the same period last year.


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