The final HSBC/Markit Purchasing Managers’ Index (PMI) for January came in at 49.7 on a seasonally adjusted basis, just below the 50.0 level that separates growth from contraction. The number was slightly lower than a preliminary “flash” reading of 49.8 but higher than the final 49.6 in December.

The dour data mirrored two official reports released by the government on Sunday which showed weakness in China‘s manufacturing and services sectors last month. Hurt by a sagging property market, unsteady exports and cooling domestic demand and investment, analysts expect China’s economic growth may slow to 7 percent this year.