China manufacturing growth slows in February: HSBC
Published on Feb 25, 2013 11:22 AM
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.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!