China's Purchasing Managers Index, a gauge of manufacturing activity, fell about 0.5 in December, the Wall Street Journal reported. The China Federation of Logistics and Purchasing said the index fell to 54.8 from 55.3 in November. An index reading above 50 indicates expansion and China's figure has been above this level for two years running. The index remains high, paralleling the slight slowing in overall economic growth recently, analyst Zhang Liqun told the newspaper. The decline was due to a fall in new orders, which may reflect some concerns over market prospects.