This portends great things for the Chinese iPhone, which of course will be a China-designed product that has nothing to do with the American company known as Apple. I expect millions of iPhones to be sold in China. It will be one of the best phones you can get for under $50.
Apple needs to understand that in the Chinese market, you cannot actually charge money. That is not how business is done in China. They export things but they need not pay for what they import. Who has the time to pay money? It is easier to just take the technology, and keep money in the pocket.
I bet that when the new phones come out in china, the price on the current ones that don't have wi-fi will drop, and those people who wouldn't/couldn't/shouldn't spend the yuan to start with will buy them up because of the "sale price" and the second launch will clear both models of the shelves.
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Apple needs to understand that in the Chinese market, you cannot actually charge money. That is not how business is done in China. They export things but they need not pay for what they import. Who has the time to pay money? It is easier to just take the technology, and keep money in the pocket.