HONG KONG (AFP) – Hong Kong’s economy stalled last year as the ongoing China-US trade dispute and retail woes dragged down local business, the city’s Financial Chief said yesterday.
Beijing and Washington have already imposed duties on more than USD360 billion in two-way trade, roiling global financial markets and weighing heavily on manufacturing output in both countries.
“The impact of China-US trade frictions on Hong Kong’s exports has clearly emerged at the end of last year,” said finance secretary Paul Chan.
Economic growth in the semi-autonomous Chinese city for the last quarter of 2018 was less than 1.5 per cent – the weakest since the first quarter of 2016 and a “significant slowdown” from the average growth rate of 3.7 per cent in the first three quarters, Chan wrote on his official blog.
The slowdown brought last year’s growth rate to an estimated three percent, down from the higher-than-forecast 3.8 per cent recorded in 2017, he added.