China's factory growth slower but resilient at year end

Growth in China's factories slowed slightly in December as export orders and output weakened, official data showed on Wednesday, adding to views that while the world's second-largest economy remains resilient, it lost some steam in late 2013. The official Purchasing Managers' Index (PMI), published by the National Bureau of Statistics, dipped to 51.0 in December. Many economists have said China's economy was likely to show weaker momentum in the final three months of 2013 after a rebound between July and September, due to slowing credit growth and a fall-off in restocking demand. Domestically, tight liquidity is weighing on factory output and orders," said Li Heng, an economist at Minsheng Securities in Beijing.

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