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HSBC Corp. said Monday the preliminary version of its purchasing managers index for February fell to 50.4 on a 100-point scale on which numbers above 50 show activity expanding. That was down from January's 52.3.
Growth in the world's second-largest economy rebounded in the final quarter of 2012 but analysts say a recovery will be gradual and could be vulnerable if trade or investment decline.
HSBC said its survey found export orders decreased while output and overall orders grew at a slower rate.
HSBC economist Hongbin Qu says in a statement that "the Chinese economy is still on track for a gradual recovery." | 
