The iPhone was officially launched in the most populated country on Friday. The phone is being sold through China Unicom, which is currently the second largest carrier in the country. It is likely hoping the iPhone will increase its market share in the coming years. However, the 8GB model will run consumers $732 without a contract. There are plenty of places in the country that sell gray-market models, which will be much cheaper. Another drawback of the Chinese iPhone is the lack of Wi-Fi due to government regulations.