BEIJING, China – A Chinese industry group says the country’s factory activities expanded at the slowest pace since June, amid government efforts to rein in credit and investment growth.
The China Federation of Logistics & Purchasing said Saturday that its purchasing managers index for February slid to 50.2, down from 50.5 in the previous month.
The measure is a 100-point scale on which numbers above 50 indicate increasing activity.
China’s economic activity has slowed steadily as the government tries to reduce reliance on investment in industry and infrastructure and encourage more sustainable growth based on domestic consumption.
Analyst Zhang Liqun said the February data could have been distorted by the Lunar New Year holiday, when factories shut down for two weeks when workers went home in late January and early February.