SHANGHAI (AFP) ― China’s manufacturing growth hit a four-month low in February but remained positive, British banking giant HSBC said Monday, noting that the world’s second-biggest economy was still recovering slowly.

The bank’s seasonally adjusted preliminary purchasing managers’ index stood at 50.4 for the month, down from a final 52.3 in January, it said in a statement.

A reading above 50 indicates expansion and it was the fourth consecutive month of growth, after 12 months of contraction.

“The Chinese economy is still on track for a gradual recovery,” Qu Hongbin, a Hong Kong-based economist with HSBC, said in the statement, downplaying the fall in PMI.

“The underlying strength of Chinese growth recovery remains intact, as indicated by the still expanding employment and the recent pick-up of credit growth,” he added.