China is competitive, and this is largely because Chinese products are not price-sensitive, they are demand-sensitive.

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Much of this was the result of ongoing economic weakness in the developed world, although elevated local silver prices also led to lower demand in price-sensitive markets such as India, the report said.

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Pay cuts are more likely at firms whose demand for labour is price-sensitive, such as those in highly competitive industries.

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The metals and coal sectors aren't demand driven, but they are price sensitive to the dearth of incremental supply, particularly coal, iron ore and even copper with all its mine outages.

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The price of hotel rooms is very sensitive to the level of aggregate demand.

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The country accounts for 20% of personal computer and handset demand and the Chinese consumer, Credit Suisse says, is very price sensitive.

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