Activity in China’s manufacturing sector weakened sharply last month, according to two indexes, as the world’s second-largest economy continues to struggle with overcapacity and anemic demand. China’s official manufacturing purchasing managers index fell last month to its lowest level in more than four years, 49.0— down from 49.4 in January —government data released Tuesday showed. A separate private gauge, the Caixin China manufacturing PMI, dropped to 48 in February from 48.4 the month before, Caixin Media Co. and research firm Markit Ltd. MRKT -0.43 % said. With February’s reading, the official PMI has remained below 50, the level dividing contraction from expansion, for seven straight months; for the Caixin index, it was the 12th consecutive month in contraction territory. Seasonal factors contributed to the declines, with the weeklong Lunar New Year holiday. But the declines were greater than projected by economists, who said the weak readings likely played into […]