HSBC China PMI falls in Feb. from 2-year high

The slowdown in China's factory activity in January is also supported by HSBC's private survey, which fell to 50.4 last month from January's two-year high of 52.3.

China's official PMI looks mostly at larger, state-owned companies, whereas HSBC's version focuses more on smaller, private businesses.

Analysts say, a combination of moderating growth and tame price pressures present the biggest headwind for the world's second-largest economy.