Morgan Stanley: Unsold phones pile up in China ahead of 4G rollout and the launch of Apple's iPhone 6Demand is down and shipments up in the world's biggest smartphone market.
<p>FORTUNE -- Katy Huberty is back from a trip abroad with fresh intelligence from the world's most important smartphone market: China.</p>
<p>In a series of three "takeaway" notes to clients, she reports:</p>
Inventory pile-up: The Chinese government is saying demand for new smartphones
fell 9% year-over-year last quarter even as IDC reports shipments of phones into the region
rising 37%. Huberty says the Chinese carriers are spending less on marketing and subsidies as
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Morgan Stanley: Unsold phones pile up in China ahead of 4G rollout and the launch of Apple's iPhone 6
