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1st LD: China's manufacturing activity contracts for 7th month

Xinhua, March 1, 2016 Adjust font size:

China's manufacturing activity contracted for a seventh straight month in February, in a sign of persistent economic weakness, official data showed on Tuesday.

The purchasing managers' index (PMI) came in at 49, down from January's 49.4, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing.

A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

The index fell to its lowest level since August 2012, as China is seeking new economic growth engines amid a campaign to cut industrial overcapacity.

NBS statistician Zhao Qinghe attributed the retreat to slowing factory activity during the Chinese New Year holidays in early February, as well as the trimming of industrial capacity.

In breakdown, the sub-index measuring production stood at 50.2, down 1.2 points from a month earlier, and that for new orders settled at 48.6, down 0.9 points. Endi