Both devices will be sold at Apple Stores, via the company's website, and authorized third party retailers.
The iPad mini with wi-fi + cellular comes in black and slate or white and silver. It sells for $459 (16GB), $559 (32GB), or $659 (64GB). The cellular-capable fourth-gen iPad or iPad 4 goes for $629 (16GB), $729 (32GB), or $829 (64GB).
Apple is also selling the iPad 2 in China for $399.
The iPad mini is 23 percent thinner and 53 percent lighter than the third generation iPad, and comes with 7.9-inch display rather than the 9.7-inch screen of its bigger brother. The screen's resolution is not Retina, but instead is the same as the original iPad, 1024 x 768.
The iPad 4 comes with the same 9.7-inch Retina display as the iPad 2 and 3 (2048 x 1536), but sports a faster A6X chip, vs. the iPad 3's A5X. Both iPad mini and the new fourth generation iPad come with iOS 6, though the mini is slightly ahead, at 6.0.2 vs. 6.0.1 due to an iPad mini and iPhone 5 specific bug fix ROM update.
China is very important to Apple, as it should be. Although the announcement can be seen as good news, Apple has seen its stock drop significantly since Monday due to multiple reports that it has slashed component orders for the iPhone 5.
Many see the cuts as a sign of lackluster -- or at least, less than expected -- iPhone 5 demand.