China’s factory activity picked up a bit in December but remained in contraction as downward pressure persisted in the manufacturing sector, official data showed Friday. China’s manufacturing purchasing managers’ index (PMI) came in at 49.7 in December, up from 49.6 in November, according to data released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing. A reading above 50 indicates expansion, while that below 50 represents contraction. The production sub-index posted at 52.2 in December, up from 51.9 in November, showing an accelerated growth in production. The sub-index for new orders came at 50.2, back to expansion territory and up from 49.8 in November, indicating demand has improved slightly. Related: China manufacturing PMI dips in November, services shine BEIJING, Dec. 1 (Xinhua) — China’s factory activity hit a 39-month low in November as domestic and international […]