Apple slashes iPhone prices in China by up to $70 to combat growing competition.
Limited-time Lunar New Year event runs from Jan. 18 to Jan. 21.
Sales of iPhone 15 series lag behind previous models in China.
Home-grown rivals like Huawei and Xiaomi offer strong competition.
Some companies and government departments reportedly limiting use of Apple devices.
Chinese iPhone sales dropped 30% in the first week of 2024.
Analysts predict a tougher competitive landscape for Apple in China this year.
Apple's first price cuts for iPhones in years amid challenging market conditions.
Online platforms, including Pinduoduo, offering up to 16% discounts on iPhone 15 series.
Canalys VP Nicole Peng notes Apple's pressure to boost global sales, especially in China.
Huawei's resurgence driven by patriotism could impact Apple's market share in China.