China factory activity shrinks for 5th straight month, weighing on Asia

China's factory activity shrank for the fifth straight month in February, with weak demand in the world's No. 2 economy weighing on manufacturers across Asia.

The official manufacturing purchasing managers' index (PMI) for China came in at 49.1 in February, the National Bureau of Statistics said on March 1. However, the Caixin PMI - a private survey that focuses on smaller firms - improved to 50.9.

Surveys of factory managers from elsewhere showed that manufacturers in North Asia cut output and new orders in February amid subdued customer spending both from domestic and international markets.

S&P Global data showed Taiwan's PMI edging down to 48.6 in February from 48.8 the month prior, keeping it below the 50 waterline that separates expansion and contraction. It was the 21st straight month that manufacturing conditions had stayed in contraction territory in the trade-reliant economy.