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China's manufacturing Purchasing Managers Index was 50.7 last year, and the average services PMI reached 54.1, supported by fast expansion of new businesses and stronger employment levels.

"Generally speaking, China's macro economy is in the process of bottoming out, and it is adapting to the transition to a new normal of economic growth, which is characterized by slower growth but higher quality," said Zhang Liqun, research fellow of the Development Research Center of the State Council (DRC).