China official PMI falls to 49.8, lowest in over two years

Activity in China's factory sector contracted in January for the first time in more than two years, an official survey showed on Sunday, which will increase gloom about the outlook for the world's second-biggest economy this year. A housing slump, erratic growth in exports and a state-led slowdown in investment to help restructure China's economy has hurt China's economy in the past year, when growth sunk to a 24-year low of 7.4 percent.

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