With Apple Inc set to unveil its 10th anniversary iPhone on Wednesday, experts say a key question is whether the much-anticipated product can help the US tech giant bolster its business in China, the world's largest smartphone market.

Amid tough competition from local rivals such as Huawei Technologies Co Ltd and Xiaomi Corp, Apple needs to prove it remains an innovative leader, and the latest iPhone will be impressive enough to resonate with local consumers, industry insiders say.

In China, once the biggest growth driver for Apple, the company has seen its revenues slide for several quarters as users switched to domestic phones. In the second quarter of this year, Apple was the fifth-largest smartphone vendor in the country, with a market share of only 8 percent.