Apple is offering rare discounts of up to CNY 500 ($68.50 or roughly Rs. 5,874)) on its latest iPhone models in China, as the US tech giant moves to defend its market share against rising competition from domestic rivals like Huawei. The four-day promotion, running from January 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 CNY 7,999 (roughly Rs. 94,012) and the iPhone 16 Pro Max with a starting price of CNY 9,999 (roughly Rs. 1.17 lakh) will see the highest discount of CNY 500 (roughly Rs. 5,876). The iPhone 16 and iPhone 16 Plus will receive a CNY 400 (roughly Rs. 4,701) 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. Apple is grappling with declining market share in China, the world’s largest smartphone market, where local manufacturers have intensified competition. Huawei has emerged as a particularly …