[00:00.00]China’s economy continues to weaken, [00:02.86]according to recent surveys. [00:06.52]China is the world’s second-biggest economy. [00:09.72]Figures released Tuesday show the country’s factory production [00:14.43]is at its lowest level in four years. [00:17.23]The official Purchasing Manager’s Index, or PMI, [00:22.78]tracks activity in factories. [00:25.39]The manufacturing PMI in China is reported by Markit Economics. [00:31.38]The index dropped to 49 in China in February. [00:36.49]In January, the PMI was 49.4. [00:42.20]Any reading of the PMI below 50 signals contraction. [00:48.34]It was the seventh month in a row the PMI dropped. [00:52.76]Observers of the Chinese economy say February’s PMI reading [00:58.67]could have been affected by the New Year holiday. [01:01.95]Many factories close for an extended time and workers stay home during the holiday. [01:08.36]Another survey showed China’s economy is slumping. [01:12.82]The Caixin/Markit purchasing managers’ index [01:17.51]fell to a five-month low of 48 last month. [01:21.96]It was the 12th month in a row that the index declined. [01:26.19]The index calculates economic output, new orders and employment. [01:31.40]The economy in China grew at an annual rate of nearly 7 percent in 2015. [01:37.91]That was the slowest amount of growth in 25 years. [01:42.39]To give the economy a boost, [01:45.42]the Chinese announced a round of spending to help the economy [01:49.02]and added to the money supply. [01:51.88]The People’s Bank of China late Monday announced [01:56.63]it was cutting the amount of money that banks must hold as reserves. [02:00.05]The People’s Bank also added $100 billion [02:03.26]in cash into the banking system to aid in new lending.

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