China manufacturing holds steady in December

Factory activity held steady in December in the latest sign that China's economy may be recovering from a protracted slowdown.

An official survey of manufacturers released Tuesday showed factory activity held steady in December, with the official purchasing managers index at 50.2 on a scale where 50 marks the break between expansion and contraction.

December's reading matched November's, which ended six previous months of contraction.

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The National Statistics Bureau said Tuesday that new orders were at 51.2, down slightly from the month before. Out of 21 industries surveyed, 15 showed activity picking up, including food and beverages, textiles and apparel making, auto manufacturing, medical-related production and appliances.

China's economy has been slowing due to both domestic and global factors, including a trade war with the U.S.

US-CHINA PHASE ONE TRADE DEAL COULD BE SIGNED WITHIN THE WEEK

The partial trade deal between the U.S. and China could be signed within the week, according to Peter Navarro, White House assistant for trade and manufacturing policy.

"We'll probably have a signing on that within the next week or so," he told Fox News on Monday. "We're just waiting for the translation."

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Navarro's comments come after the South China Morning Post reported Monday, citing a source briefed on the matter, that Liu He, China’s chief trade negotiator, is leading a delegation to the U.S. on Saturday with the directive to sign the phase one trade agreement.

The Associated Press contributed to this article.