HSBC has predicted a "bumpier" road ahead because of slower economic growth in China.Pre-tax profit at Europe`s biggest bank rose just 1% to $18.9bn (£13.1bn) for the year to December after a 1% in revenue to $57.7bn.Chairman Douglas Flint said: "China`s slower economic growth will undoubtedly contribute to a bumpier financial environment." Asia accounted for 83.5% of HSBC`s global pre-tax profit last year.However, Mr Flint said that he expects China "to be the largest contributor to global growth as its economy transitions to higher added value manufacturing and services and becomes more consumers driven". HSBC`s Hong Kong-listed shares fell on the profit report and were down 1.6% in afternoon trade.Tough yearThe lender`s group chief executive, Stuart Gulliver, noted the bank had seen a tough year in 2015, but that it was continuing to focus on delivering cost cutting measures announced in June last year."Targeted investment, prudent lending and our diversified, universal banking business model helped us achieve revenue growth in a difficult market environment, whilst also reducing risk-weighted assets," said Mr Gulliver. In the final three months of last year, HSBC reported a surprise loss of $1.3bn compared with a profit in the fourth quarter of 2014. Also, Mr Gulliver`s pay fell by 6% to £7.3m because of higher costs, including the bank levy and write downs on bad loans, on which his pay is dependent.Hiring investigationThe bank also disclosed that it is being investigated by the US Securities and Exchange Commission (SEC) in relation to the hiring of people referred by or related to government officials or employees of state-owned companies in Asia Pacific. The SEC is already investigating JP Morgan over its employment of so-called princelings - the offspring of influential figures in the Chinese government and the country`s elite. Goldman Sachs is also under investigation for its hiring practices in the region. HSBC said: "HSBC has received various requests for information and is cooperating with the SEC`s investigation. "Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing or any possible impact on HSBC, which could be significant." The relatives of China`s government officials are permitted to engage in business but are not allowed to profit from their connections.