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The California-based tech giant claimed a market share of 15 percent in the world's number two economy, behind Huawei's 16 percent and top-ranking Vivo's 17 percent, according to industry data provider Canalys.

The price cut comes as the tech giant faces intense competition from domestic rivals like Vivo and Huawei.

The third-quarter sales of Apple in China has declined, while that of Huawei has soared.

Huawei's new tri-fold phone was welcomed with open arms by consumers as the company received more than 2.7 million pre-orders for it.

The Shenzhen-based company has for several years been at the center of an intense technological rivalry between Beijing and Washington, with US officials warning its equipment could be used to spy on behalf of Chinese authorities -- allegations it denies.

Apple needs to do more than just cut iPhone prices to effectively compete against Huawei and win back Chinese consumers' loyalty and spending. It must come up with a better product for the Chinese market.

The U.S. government has revoked certain export licenses allowing companies like Intel and Qualcomm to ship chips to sanctioned Chinese tech giant Huawei Technologies.

In 2019, the United States added Huawei to a trade restriction list due to violations of Iran sanctions, as part of a larger strategy to impede Beijing's technological progress.

Chinese tech giant Huawei said Friday it "weathered the storm" of US sanctions as it announced a rise of almost nine percent in revenues in 2023, a year that saw it shock Washington with the release of a high-end smartphone.

The company generated 35.6 billion yuan ($5.2 billion) in net profit in 2022, it said, down 68.7 percent from a record 113.7 billion last year.

A leading supplier of telecom gear, smartphones and other advanced equipment, Huawei has been repeatedly targeted by Washington in recent years over cybersecurity and espionage concerns.

Two individuals, allegedly Chinese spies, were charged by the DOJ on Monday in an espionage case relating to an ongoing investigation into tech firm Huawei.

Huawei FTTR is the first choice for the ICT transformation of homes and enterprises.

Google is rumored to be developing a new smart wearable that could release as early as March 2022.

The company was banned from doing business with Google in 2019.

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Secretary of State Mike Pompeo criticized an EU investment deal with China as "weak," warning that it does not protect against risks from Beijing.

Australian lobster sector claws back trade after China ban

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US in discussions with Huawei on Meng Wanzhou's return to China: WSJ