In an effort to protect its market share from growing competition from domestic rivals like Huawei, Apple is implementing exclusive discounts of up to 500 yuan ($68.50) on its most recent iPhone models in China.

On its website, it states that a number of iPhone models are eligible for the four-day promotion, which runs from January 4–7, when purchased with particular payment methods.

There will be the biggest discount of 500 yuan on the premium iPhone 16 Pro, which has a beginning price of 7,999 yuan, and the iPhone 16 Pro Max, which has a starting price of 9,999 yuan. The price of the iPhone 16 and iPhone 16 Plus will drop by 400 yuan.

With China’s economy weakening and deflationary pressures causing consumer inflation to fall to a five-month low in November, the discounts come as consumers continue to exercise caution when making purchases.

China is the largest smartphone market in the world, and local manufacturers have stepped up their competitiveness, which has caused Apple to lose market share.

With domestically produced chipsets, Huawei returned to the premium market in August 2023 and has since been a particularly formidable rival. Over the weekend, one of China’s top e-commerce sites saw Huawei reduce the cost of a number of high-end gadgets, including smartphones, by up to 3,000 yuan.

Before making a comeback in the third quarter of 2024, Apple momentarily dropped out of the top five smartphone vendors in China in the second quarter. In China, the U.S. company’s smartphone sales fell 0.3% in the third quarter compared to the same period last year, while Huawei’s sales increased 42%, according to research firm IDC.

Along with other product categories like MacBook computers and iPad tablets, the Apple campaign offers discounts of 200 to 300 yuan on older iPhone models. Customers who wish to receive the discounts must utilize approved payment methods, such as Alipay or WeChat Pay.