According to the release from the China Federation of Logistics and Purchasing (CELP) today, China's PMI was 52 in February, down from 3.8% from January.  Even though it is the 12th month that the index has stayed above 50, which means economic expansion, it has been down consecutively for the last two months, as can be seen from the chart below.

(Click to enlarge)

Zhang Liqun, a researcher with the State Council's Development Research Center, said the February PMI figure showed uncertainties still existed in China's economic recovery, adding that he was cautiously optimistic about China's export growth prospects.

The PMI reading was based on data from the National Bureau of Statistics, covering purchasing and supply managers in more than 700 firms across China.  China's luner New Year fell in the middle of February, this might have damped the readings a little bit.