The "flash" PMI figure of 47.1 (as compared to 47.8 in July) shows that the Chinese economy "is still in the process of bottoming out," He Fan, chief economist and the director of research at Caixin Insight Group, a financial data and analysis platform, said.
The continuing contraction of new orders, employment and output of China’s manufacturing industry is partly due to weaker demand from Europe, which has been dealing with the Greek debt crisis, Caixin explained in its Friday report.
Caixin predicted that China’s economy could start to rebound within the next few months.
Last week, the People`s Bank of China allowed the yuan to fall 1.9 percent against the US dollar to boost the country`s economy.
The International Monetary Fund (IMF) has estimated that China could contribute to global economic growth by over 28 percent this year.
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