The Olympics may have been viewed as a triumph for China, but it’s unlikely that manufacturers in the country would have been joining in the celebrations.

The latest figures from brokerage CLSA, reveal that Chinese manufacturing slowed considerably in August, even dropping below the boom-bust mark of 50 for the first time since November 2005.

Whether this is an indication of an economic decline in the country, or merely a brief Olympic-inspired blip, remains to be seen.

No doubt the Chinese authorities will be claiming that their (seemingly successful) attempts to clean up the city in preparation for a global sporting invasion led to the drop-off in production, with restrictions on power consumption and transport during the games, taking its toll on factories who will not be allowed to resume full service until the end of the Paralympics in three weeks time.

Others, however, will claim that the figures are the clearest sign yet that China, like the rest of the world, is facing up to the stark reality of soaring prices and  economic slowdown.