The final Chinese Markit/Caixin manufacturing PMI declined to 47.3 in August from 47.8 in July, beating the preliminary reading of a fall to 47.1. It was the lowest level since March 2009.

The decline was driven by falls in total new orders and new export business.

"The final Caixin China Manufacturing PMI for August continued to retreat, with sub-indices signalling continued weak demand in the markets for goods and factors of production. Recent volatilities in global financial markets could weigh down on the real economy, and a pessimistic outlook may become self-fulfilling," Dr. He Fan, Chief Economist at Caixin Insight Group, said.

The Caixin/Markit Services Purchasing Managers' Index (PMI) for China dropped to 51.5 in August from 53.8 in July, missing expectations for a rise to 53.9.

The decline was driven by a weaker increase in new orders.

"The headline Caixin China Services PMI remained above the 50-point mark that separates growth from contraction in August, but the increase in activity was smaller than in July, driven in part by a softer expansion in the financial services sector caused to some extent by stock market fluctuations," Dr. He Fan said.