Alicia García-Herrero
Alicia García Herrero is a Senior fellow at Bruegel.
She is the Chief Economist for Asia Pacific at French investment bank Natixis, based in Hong Kong and is an independent Board Member of AGEAS insurance group. Alicia also serves as a non-resident Senior fellow at the East Asian Institute (EAI) of the National University Singapore (NUS). Alicia is also Adjunct Professor at the Hong Kong University of Science and Technology (HKUST). Finally, Alicia is a Member of the Council of the Focused Ultrasound Foundation (FUF), a Member of the Board of the Center for Asia-Pacific Resilience and Innovation (CAPRI), a member of the Council of Advisors on Economic Affairs to the Spanish Government, a member of the Advisory Board of the Berlin-based Mercator Institute for China Studies (MERICS) and an advisor to the Hong Kong Monetary Authority’s research arm (HKIMR).
In previous years, Alicia held the following positions: Chief Economist for Emerging Markets at Banco Bilbao Vizcaya Argentaria (BBVA), Member of the Asian Research Program at the Bank of International Settlements (BIS), Head of the International Economy Division of the Bank of Spain, Member of the Counsel to the Executive Board of the European Central Bank, Head of Emerging Economies at the Research Department at Banco Santander, and Economist at the International Monetary Fund. As regards her academic career, Alicia has served as visiting Professor at John Hopkins University (SAIS program), China Europe International Business School (CEIBS) and Carlos III University.
Alicia holds a PhD in Economics from George Washington University and has published extensively in refereed journals and books (see her publications in ResearchGate, Google Scholar, SSRN or REPEC). Alicia is very active in international media (such as BBC, Bloomberg, CNBC and CNN) as well as social media (LinkedIn and Twitter). As a recognition of her thought leadership, Alicia was included in the TOP Voices in Economy and Finance by LinkedIn in 2017 and #6 Top Social Media leader by Refinitiv in 2020.
Disclaimer of external interests
Featured work
Against the odds, China’s push to internationalise its currency is making gains
Geopolitical concerns help support the use of the renminbi despite weak foreign investment trends
'Green tech partnership' offers way to de-risk while decarbonizing
Dependence on China carries supply risks beyond just geopolitics
Why the European Union-China summit is bound to disappoint
The European Union is increasingly disappointed with China over trade.
Biden-Xi dialogue instrumental for a successful EU-China Summit in Beijing
What has changed since our ZhōngHuá Mundus series started in 2021?
China Economic Database
Repository of what we consider to be the most relevant macroeconomic data for China and EU-China relations.
Third time lucky? China’s push to internationalise the renminbi
This paper analyses China’s different attempts to internationalise its currency and how they have fared.
De-risking and decarbonising: a green tech partnership to reduce reliance on China
Greater alignment of the major economic powers is needed around a collective effort to improve security of supply for decarbonisation goods.
How to de-risk dependence on China while decarbonising
How should the EU manage its dependence on China for clean tech?
What is behind China's structural deceleration?
China’s position on Israel leading to a cold war
The most far-reaching ramification of recent events is the inexorable advance of a world splitting into two poles.
How might China hit back over the EU’s electric vehicle anti-subsidy investigation?
China’s silence towards the European Union’s electric vehicle probe could mean that a more harmful retaliation is on its way
To what extent can urbanisation mitigate the negative impact of population ageing in China?
Our analysis reveals that ageing accounts for only about 1 percentage point of the GDP growth rate deceleration over the past decade.
Will the Renminbi become an international currency? Policy issues for the European Union
Invitation-only event organised in the frame of the China Horizons project
China’s growing presence in Latin America is a problem for the West
¿Qué precio pagará Italia por abandonar la Ruta de la Seda?
China’s currency slide adds to its economic headaches
Can Italy leave the Belt and Road Initiative without a backlash?
How China responds to Italy’s exit from the BRI may influence other members who are contemplating a similar move.
As China’s Economy Drags, the Rest of Asia Offers Hope
Bruegel Annual Meetings, 6-7 September 2023
A symphony in progress: shaping a new agenda for Europe
How big is China’s global economic footprint? Takeaways for the European Union
Following a boom, China's electric vehicle industry now faces weak domestic demand and heightened geopolitical risk
The story of China's EV industry.
The dangerous link between China’s real estate demise, the economy and the financial system
China’s property sector is plunging further into a crisis that could have major ramifications on the country’s real economy and financial sector.
Will China's quest for innovation help mitigate structural deceleration?
China’s GDP data point to need for stimulus, but will it come?
The main reason for the relatively poor second quarter is lackluster domestic demand.
Resilience of Global Supply Chain: Facts and Implications
Companies diversifying their production away from the People's Republic of China might be a rather rational decision based on an economic rationale.
China’s quest for innovation: progress and bottlenecks
We identify three potential bottlenecks that might be hindering the translation of China’s innovation efforts into productivity growth.
China's growing and complex economic relationship with the Gulf States
To what extent can innovation and global economic dominance mitigate China’s structural slowdown?
Event in the frame of the project China Horizons - Dealing with a resurgent China (DWARC)*.
Can Chinese growth defy gravity?
This paper discusses China’s growth for the next two decades, identifying the main challenges and factors that could mitigate its deceleration.
China-EU roller-coaster relations: Where do we stand and what to do?
US Congress hearing on "Europe, the United States, and Relations with China: Convergence or Divergence?"
China’s weak recovery is turning off foreign investors
Quick rebound expected after the relaxation of zero-Covid policies has not materialised.
China’s growing power in Latin America
China and the US might not be decoupling but their technologies are bifurcating
Once the process of building alliances starts, it is hard to stop.
China’s overseas lending needs a full-fledged debt restructuring
China’s structural deceleration: population aging versus innovation
Closed-door event discussed the importance of rapid aging for the future of the Chinese economy and dwelling on China’s major innovation trends
What really influences United Nations voting on Ukraine?
Speculation has been triggered about new alliances emerging in the Global South, inspired by China and India's voting behaviour.
EU-China relations have been – and will remain – a rollercoaster
Global trends in countries‘ perceptions of the Belt and Road Initiative
In this paper, we have analysed the sentiment towards the Belt and Road Initiative in the world using a large open-access dataset, namely GDELT.
Brazil is not a real middle power if it just takes China's side
Lula cannot show strategic autonomy by parroting Xi Jinping
China's good relations with Africa rely more on narratives than economic impact
Will Lula find his El Dorado in China?
The Brazilian president is seeking Beijing’s support for his quest for middle power prowess
China’s 2023 work report and what it means: an AI post-mortem
China is taking a more nuanced approach to the overarching goal of GDP growth.
No gains for Europe from latest pilgrimage to Beijing
Emmanuel Macron and Ursula von der Leyen are petitioning Xi Jinping on Ukraine and other pressing issues
The Belt and Road Initiative transformation makes it a more – not less- useful tool for China
A European Think Tank’s Experience with the Global Pandemic: The Case of Bruegel
This chapter reviews Bruegel's experience and role in policy formation during the Covid-19 pandemic.
China’s new regulator hints at a major clean-up of the world’s largest financial sector
Among several institutional changes, the most significant might be the creation of a new nationwide regulator to oversee China’s financial industry.
Li Keqiang’s farewell points to employment as China’s major problem
China's modest 2023 growth target provides more evidence of a focus on sustainable growth and jobs.
The transformation of China’s Belt and Road Initiative: What is in it for Europe?
Closed-door event discussing China's BRI project.
How well does China’s reopening bode for the economy? A political economy story
The boom, bust and future of China's real estate sector
Don’t expect Asia to save the global economy in 2023
Southeast Asian economies, as well as India, are expected to decelerate, which will blur the positive impact of China’s reopening.
China-India relations and their impact on Europe
The COVID–19 pandemic and China’s economic slowdown
Any convergence with the U.S. economy will not continue for long.
China protests add to uncertainty for investors
Demonstrations show how the country is struggling to deal with Covid and an easing of lockdowns.
Xi Jinping’s new smiles got China off the hook at climate talks
Beijing's bandwidth to deliver is shrinking as its economic performance wanes.
Promotion of high capacity broadband to rebuild and recover from the pandemic
High-capacity broadband infrastructure will be a key enabler of a forward-looking recovery after COVID-19.
Lessons for Europe from China’s quest for semiconductor self-reliance
This paper explores China's quest to become a domestic-demand-driven economy, and the lessons that can be learnt from its quest for self reliance.
Biden, Xi focus on Taiwan and forget about Ukraine
The meet did not seem to offer solutions to the two most pressing problems for the international order.
The geopolitics of semiconductors and what Europe can expect
At Party Congress, Xi doubles down on China’s direction
The two key objectives are targeted self-reliance and national security
Europe’s promised semiconductor subsidies need to be better targeted
The proposed European Chips Act over-emphasises semiconductor production subsidies, focusing too little on increasing value-added in research.
China’s real estate sector goes south
The demise of China’s real estate sector, pushed by developer defaults and mortgage boycotts, is a major risk for the Chinese economy.
China's role in the global financial architecture
What risks does China's rise pose to the security of the international financial architecture?
China and the West: growing apart as geopolitical tensions grow
The model of increasing economic interdependence between the West and the emerging world was built on assumptions that no longer hold.
China can learn from the bursting of Japan's real estate bubble
Beijing cannot count on economic growth or fiscal space to tide through crisis
Shinzo Abe’s economic legacy: a glass half full
Abenomics has fallen short in many ways, but Japan has still largely coped with an aging society while maintaining a high level of income equality.
China’s Economy Needs More Stimulus. Beijing’s Room for Maneuver Is Limited.
Bruegel Annual Meetings, 6-7 September 2022
The Annual Meetings are Bruegel's flagship event which gathers high-level speakers to discuss the economic topics that affect Europe and the world.
Ukraine and Taiwan on the Biden-Xi chessboard
Overall, Biden and Xi seem to be converging on their strategies for global dominance
China’s non-market practices, impact on the world, and what to do about it?
Testimony before the U.S.-China Economic and Security Review Commission.
A new kind of Belt and Road Initiative after the pandemic
The Belt and Road Initiative is turning from infrastructure financing into an instrument for Chinese soft and hard power.
BRI 2.0: How has the pandemic influenced China’s landmark Belt and Road Initiative?
China's BRI is undergoing a transformation after two years of pandemic. How is it changing and what are the consequences for Europe.
Xi, Biden switching strategies for dominance
The US now sees Asia more through an economic lens, while China shifts toward a security focus
Is China’s private sector advancing or retreating?
A look into the Chinese private sector.
China’s Covid policy to be year’s largest economic shock
Beijing’s ‘dynamic zero-Covid’ policy could devastate the domestic economy, but the effects will also be felt globally.
Early Warning Brief: China’s contorted response to Russia sanctions
The spectre of a democratic Russia aligned with the West is probably a more serious concern for Beijing than what it risks losing by supporting Russia
Rallying Chinese markets will not be a quick fix for Beijing
Top official makes rare intervention to reassure investors but progress to resolve problems will be difficult.
China can see the limits of bailing out Russia's economy
Beijing will support Moscow as long as it does not fall foul of Western sanctions.
China offers Russia respite but not a solution
Beijing could provide greater assistance to its partner while benefiting from greater energy and military security, but this option is not without ris
Can China bail out Putin?
Even with help from China, Russia will be unable to mitigate the immediate impact of Western sanctions.
War in Ukraine: Russia-China relations
A special episode of the Sound of Economics Live on China-Russia relations in the context of the Russian invasion of Ukraine.
China’s economic support for Russia is not a panacea
The EU is still Russia’s largest trading partner, actually several times bigger than China.
Global chip shortage may soon turn into an oversupply crisis
Only companies investing in advanced semiconductors will see their margins increase.
Will this be the century of youthful Asia?
Youthful Asia offers immense opportunities for investors, but this potential can only be realised if their infrastructure and energy needs are fulfill
East-west divergence in central bank action will not last much longer
Fed shift towards raising rates will make it hard for China and Japan not to tighten monetary policy.
How China’s investment in Middle East is evolving
The share of the Middle East in China’s total overseas investment has declined for several reasons.
In the electric vehicle race, China coming first
China is not only a producer and consumer of EVs, but also of the battery components on which they depend.
Global Gateway vs. Belt and Road Initiative
How does the EU's Global Gateway plan compare to China's Belt and Road initiative?
2022 to see monetary decoupling between West and East
It does not look like the new year is going to be calmer than 2021.
China’s medium term outlook: Will innovation save China from becoming old before it becomes rich?
What can China do to stop the deceleration of its economy. Is innovation the solution?
Chinese economic statecraft: what to expect in the next five years?
Chapter from 'Storms Ahead: the Future Geoeconomic world order' on the expectations from the next five years of Chinese economic policy, published on
Advancing global value and supply chains to mitigate the challenges arising from the pandemic
Session at the 1st ASIA-EUROPE ECONOMIC AND BUSINESS FORUM: Transitioning to a New Normal: Leveraging Global Value Chains, Multilateralism and the 4IR
How can we create more sustainable value chains?
There is an urgent need for GVCs to become more resilient and inclusive, and meet the net-zero challenge.
Microchips and Europe's strategic autonomy
Per microchips ad strategic autonomy.
Weak G20 climate pledge doesn’t bode well for COP26
Climate strategists may see a need to shift to a more assertive approach.
COP26: why carbon pricing is crucial to China’s climate change pledges
China’s emissions trading scheme is a welcome but to reach its full potential, it needs to cover more of China’s emissions, go beyond the electricity