Apple's woes go beyond China economy: End of easy money among the culprits

A slowing economy and relatively high prices have been highlighted as chief culprits behind the slump in demand for Apple Inc.’s iPhones in China. There’s a third factor that’s been overlooked: the end of easy money.

Apple last week cut its quarterly revenue forecast for the first time in almost two decades, blaming weak sales in Asia’s largest economy. Cheaper devices from the likes of Huawei Technologies Co. and Xiaomi Corp. helped to erode the iPhone maker’s market share. But slowing consumer loan growth has also hurt appetite for high-priced phones.

Beijing has been cracking down on consumer lenders favored