Alicia García Herrero is a Senior Fellow at European think-tank BRUEGEL. She is also the Chief Economist for Asia Pacific at Natixis, and a non-resident Senior Follow 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. Finally, she is a Member of the Council of Advisors on Economic Affairs to the Spanish Government and an advisor to the Hong Kong Monetary Authority’s research arm (HKIMR) among other advisory and academic positions.
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. Alicia has maintained a part-time academic life throughout her career as Visiting Professor at John Hopkins University (SAIS program), at the China Europe International Business School (CEIBS) in Shanghai, Carlos III University in Madrid among others.
Alicia holds a PhD in Economics from George Washington University and has published extensively in refereed journals and books (her publications can be found in ResearchGate, Google Scholar, SSRN or REPEC).
Alicia is also very active in international media (Bloomberg and CNBC among others) as well as social media (Twitter and LinkedIn). 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
Beijing's bandwidth to deliver is shrinking as its economic performance wanes.
High-capacity broadband infrastructure will be a key enabler of a forward-looking recovery after COVID-19.
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.
The meet did not seem to offer solutions to the two most pressing problems for the international order.
The two key objectives are targeted self-reliance and national security
The proposed European Chips Act over-emphasises semiconductor production subsidies, focusing too little on increasing value-added in research.
The demise of China’s real estate sector, pushed by developer defaults and mortgage boycotts, is a major risk for the Chinese economy.
The model of increasing economic interdependence between the West and the emerging world was built on assumptions that no longer hold.
Beijing cannot count on economic growth or fiscal space to tide through crisis
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.
Overall, Biden and Xi seem to be converging on their strategies for global dominance
Testimony before the U.S.-China Economic and Security Review Commission.
The Belt and Road Initiative is turning from infrastructure financing into an instrument for Chinese soft and hard power.
Beijing’s ‘dynamic zero-Covid’ policy could devastate the domestic economy, but the effects will also be felt globally.
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
Top official makes rare intervention to reassure investors but progress to resolve problems will be difficult.
Beijing will support Moscow as long as it does not fall foul of Western sanctions.
Beijing could provide greater assistance to its partner while benefiting from greater energy and military security, but this option is not without ris
Even with help from China, Russia will be unable to mitigate the immediate impact of Western sanctions.
The EU is still Russia’s largest trading partner, actually several times bigger than China.
Only companies investing in advanced semiconductors will see their margins increase.
Youthful Asia offers immense opportunities for investors, but this potential can only be realised if their infrastructure and energy needs are fulfill
Fed shift towards raising rates will make it hard for China and Japan not to tighten monetary policy.
The share of the Middle East in China’s total overseas investment has declined for several reasons.
China is not only a producer and consumer of EVs, but also of the battery components on which they depend.
It does not look like the new year is going to be calmer than 2021.
Chapter from 'Storms Ahead: the Future Geoeconomic world order' on the expectations from the next five years of Chinese economic policy, published on
Climate strategists may see a need to shift to a more assertive approach.
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
China’s domestic installation of coal-fired power plants continues at great pace.
Proposal to set up a World Recovery Fund (WRF), aimed at addressing some of the key problems with the design of the DSSI and more generally the existi
Beijing shows signs of changing tactics ahead of the COP26 conference.
Under Xi Jinping's new economic agenda 'common prosperity', China is cracking down on indebted real estate developers like Evergrande.
In-depth analysis prepared for the European Parliament's Committee on International Trade (INTA).
China's dual circulation strategy should not be dismissed as a buzzword: its implementation will entail major consequences.
Despite different strategies, the European Union, the United Kingdom, the United States, China and Japan all expect hydrogen to play a significant rol
Expect Beijing to soon start lobbying against the proposal.
The dollar remains the world’s largest reserve currency, but it is facing both domestic and external risks.
An exit from coal in the Asia-Pacific region is a global decarbonisation priority.
Testimony before the International Relations and Defence Committee at the House of Lords, British Parliament on the UK’s security and trade relationsh
It is in everybody's interest for China to level the playing field among state-owned, private, and foreign companies so that no new distortionary meas
Despite the pandemic, China’s interest in overseas M&A started to rebound in late 2020, with European industrial companies still of particular interes
China’s new long-term targets, to reach peak emissions before 2030 and achieve carbon neutrality by 2060, are yet to be matched with a consistent shor
Ultimately, only time will tell if this landmark trade agreement will be productive and counter the potential bifurcation of international value chain
Interestingly, the growth target for 2021 is pretty humble: over 6 percent for 2021, while most forecasts hover between 7 and 10 percent.
The G20 Debt Service Suspension Initiative, although a partial success, has been dogged by competing interests and lack of coordination. A further pus
The concept of competitive neutrality can be used to assess how far a market is from being a competitive environment. In China, competitive neutrality
An unintended consequence of the virus has been ‘one of the wildest bull markets in recent economic history’ but a worsening of income distribution wi
Why rush a deal that is so inherently complex?
After decades of increasing globalisation, there now seems to be a slowing, or even a turn to deglobalisation, meaning decelerating trade and investme
A look into the potential Comprehensive Agreement on Investment between China and the European Union.
An ageing population is generally bad news for growth prospects, but Japan and Taiwan offer important lessons.
The European Union owes much of its economic weight to its regional value chain and integration into the global value chain. But the EU’s global value
Testimony before the European Parliament on the subject of China-EU economic relations.
China is no doubt bound to benefit, but other members of the regional trade pact may benefit even more
A look into the intermediary role of Hong Kong in financing cross-border Belt and Road Initiative projects and compare it with Singapore, a similar of
'The Communist Party has acknowledged that the outside world now is more of a risk than an opportunity.'
For all Beijing's ambitions of cracking the hegemony of the US dollar in the face of Trump administration sanctions, the yuan still has a long way to
Not just the EU but also other countries, particularly China, need a defence against weaponisation of the dollar.
It is time to rethink many of the basic principles of our economic model to mitigate the impacts of the COVID-19 pandemic.
There was nothing concrete to justify calling this video conference an EU-China Summit.
The Hong Kong government might want to consider diversifying its economy by using part of the savings earmarked for rainy days. Beyond cushioning the
Expect small, below the radar deals to continue to flourish and, by the same token, Europe to lose part of its edge in industrial technology and other
When G20 finance heads meet on 18 July, Europe will again need to lead on the group’s flagship COVID-19 initiative to postpone low-income countries’ d
Emerging economies are fighting COVID-19 and the economic sudden stop imposed by the containment and lockdown policies, in the same way as advanced ec
Rather than risking its soldiers' lives on the border, India should join 'middle power' economic coalitions to address China's behavior.
In this report, we have focused on trade and investment relations and have not attempted to define the many other policy instruments that the EU can a
COVID-19 is by far the biggest challenge policymakers in emerging economies have had to deal with in recent history. Beyond the potentially large nega
Reading tea leaves from China’s two sessions: Large monetary and fiscal stimulus and still no growth guarantee
The announcement of a large stimulus without a growth target indicates that China’s recovery is far from complete.
What to expect in the short and medium term? Covid-19 will consequently push for a quick reshuffling of the global value chain away from the emerging
While Asian markets are in a sea of red, mainland China, New Zealand, Hong Kong and Taiwan are all defying the gravity.
Yesterday’s G7 video-conference ended in silence. It wasn’t even possible for the group to issue a joint statement after the US administration's push
The G7 should set an example of international cooperation and come out with a strong signal of unity and support for the euro-area. Only then will the
Given how badly the coronavirus outbreak in the US is affecting Trump’s chances to be reelected, let’s hope he comes to its senses and see the advanta
Underlying issues, and not just the coronavirus panic, fed the recent meltdown
The stimulus is regressive in nature, as the bulk of expenditure is a one-off cash disbursement per adult
Virus shows Southeast Asian factories too dependent on imported production inputs
The response of the global financial markets to the trade agreement reached between the United States and China has been very positive, probably exces
Much has been written on the Wuhan coronavirus that causes the respiratory disease Covid-19, but very little is known yet about its impact on the glob
The coronavirus outbreak will not lead to recession but the costs of ensuring growth targets will be high
This article shows some evidence of the decrease in merchandise, capital and, to a lesser extent people to people flows.
The agreement between the US and China should not be read so positively in Europe, especially in Germany
The most concerning aspect for the Chinese economy will still be to hold up domestic demand. The rapidly rising household debt will put further breaks
It is difficult to imagine how Japan can undertake any major economic reform if it has taken five years to increase the consumption tax and has needed
The U.S. and China’s negotiations on a phase-one deal seem to have stalled again. The market was already aware of the limited nature of the likely dea
Approaching the end of a volatile year, Hong Kong continues to face the triple whammy of slower growth in mainland China, the trade war uncertainty an
China’s economic ties with Russia are deepening. Meanwhile, Europe remains Russia’s largest trading partner, lender and investor. An analysis of China
Lack of concrete plans affects sentiment after brief surge on announcement of Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay A
The performance of Chinese banks has been resilient so far, despite decelerating growth. While the performance of large banks remained steady, the reb
The European Union’s relationship with Russia is strained, but the two economies are nevertheless highly intertwined. A huge share of Russia’s exports
The economy is in worse shape than in 2015 and policies to boost growth are not as effective as they once were
While the effect of the ongoing unrest on the Hong Kong economy is obvious, Taiwan was already doing better before the protests started.
A strategic alliance between Brazil and China could be music to the ears for both leaders, but Bolsonaro does not want to look like one more vassal. X
China seems to be coming to the rescue as social unrest affects the city’s financial market, but it’s probably only for arbitrage reasons
There are fundamental solvency and liquidity issues for some small Chinese banks, widely influencing both the bond market as well as the broader finan