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China manufacturing growth slows in February: HSBC

Published on Feb 25, 2013 11:22 AM
Employees work at a shoe factory in Lishui, Zhejiang province, in this Jan 24, 2013 file photo. China's giant manufacturing sector extended its mild recovery in January with weak foreign demand still crimping growth, a pair of surveys showed, underscoring that the country's rebound from its worst downturn in 13 years remains modest. -- PHOTO: REUTERS

SHANGHAI (AFP) - China's manufacturing growth hit a four-month low in February but remained positive, British banking giant HSBC said on Monday, noting that the world's second-biggest economy was still recovering slowly.

The bank's preliminary purchasing managers' index (PMI) stood at 50.4 for the month, down from a final 52.3 in January, it said.

A reading above 50 indicates expansion and it was the fourth consecutive month of growth after 12 months of contraction.

"The Chinese economy is still on track for a gradual recovery," Mr Qu Hongbin, a Hong Kong-based economist with HSBC said in the statement, downplaying the fall in the PMI index.

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