The HSBC flash purchasing managers' index (PMI) fell to 50.5 for the month, compared to 50.8 in November. Growth in new order and new export orders increased at a faster rate, while employment decreased at a faster rate.
Still, the figure has remained above the 50 mark, which demarcates expansion from contraction, for five months now.
"I think it's still broadly optimistic. I think firms are still mildly on the expansionary side," Alaistair Chan, economist at Moody's Analytics, told CNBC.
"If you look at the official numbers for instance, I think both domestic and export-oriented firms are still seeing rising orders and rising production so through until the end of the year, I think they are in a fairly sweet spot. I don't see much pressure coming from the demand side so I think firms will be quite happy heading into the holiday season," he added.
The Australia dollar, which is highly sensitive to Chinese data because of its dependence on the mainland in exports, slipped 0.3 percent to inch closer to a new three-and-a-half month low against the greenback.
The benchmark Shanghai Composite extended losses, trading within sight of a new two-week low.
Hongbin Qu, chief China economist and co-head of Asian economic research at HSBC, said December's flash reading stands above the average for the third quarter.
This implies that the recovery in the manufacturing sector remains in tact, Hongbin said, adding that he expects the country's gross domestic product (GDP) growth to stabilize at 7.8 percent in the fourth quarter.
The survey covered a shortened period from December 5 to 12, given the upcoming holiday season. The final reading will be released on January 2.
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