China manufacturing growth at lowest in 2014

China's manufacturing growth dropped in December to its lowest level of 2014, an official survey showed Thursday, as the sector struggles with weak domestic demand.

China's official Purchasing Managers' Index (PMI) released by the National Bureau of Statistics (NBS) came in at 50.1 last month, down from 50.3 recorded in November.

The index, which tracks activity in factories and workshops, is considered a key indicator of the health of China's economy, a major driver of global growth. A figure above 50 signals expansion, while anything below indicates contraction.

"Growth momentum is still insufficient," NBS said in a statement.

British bank HSBC said Tuesday that its own PMI figure for the month fell to 49.6, down from the breakeven point of 50.0 in November.

"The decline of both official and HSBC PMIs suggests that China's manufacturing sector, especially those industries related to property market, is still struggling due to sluggish domestic demand," Li-Gang Liu and Hao Zhou, economists at ANZ Research, said in a note.