Trade war halves Hong Kong's Q4 show, drags export growth to almost zero

The trade war between the US and China and slowing retail sales dragged Hong Kong’s economic growth down at the end of last year, with exports showing almost "zero growth."

Gross domestic product in the fourth quarter was "less than 1.5 percent," according to a blog post on Sunday from Financial Secretary Paul Chan. The “significant slowdown” was well below the 2.9 percent seen in the previous three months.

Hong Kong, a key financial and trade hub for Asia, has been hit hard by the ongoing US-China trade war. Exports fell more than expected in December, the first time sales abroad contracted