TOKYO -- The Nikkei Hong Kong Purchasing Managers' Index, or PMI, fell to 49.9 in January from 50.3 in December.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
Bernard Aw, economist at IHS Markit, which compiles the survey, said: "Growth risks to Hong Kong's private sector remained tilted to the downside."
"Not only have both output and new orders now remained in decline for nearly two years, they fell at a faster pace from the previous month. Furthermore, there was no support from the external market. New orders from overseas decreased at the steepest rate in nine months, as a stronger dollar erodes the competitiveness of Hong Kong's exports," he said.
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