Investing

China’s Pricey Answer to the iPad (AAPL, GOOG)

An unnamed Chinese company has begun selling a competitive device to the Apple Inc. (NASDAQ: AAPL) iPad in China. The tablet is called the RedPad No. 1, and uses a version of the Android operating system from Google Inc. (NASDAQ: GOOG). The RedPad sells for about $1,600, double the price of the iPad.

The tablet is directed at Communist Party members, who get the RedPad loaded with politically-blessed apps such as one for the official party newspaper.

Critics inside China view the device as a gift to Communist Party members:

[A]n online survey on Thursday showed that more than 2,000 netizens believed that the RedPad was meant to be a symbol of privilege, while another 1,500 thought its purpose is to fleece taxpayers.

A spokesman for RedPad said that the tablet intends to compete with foreign brands and that sales are driven by demand from the market. We’ll see.

Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)

Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.

Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.

Click here now to get started.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.