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
Repository of what we consider to be the most relevant macroeconomic data for China and EU-China relations.
This paper analyses China’s different attempts to internationalise its currency and how they have fared.
Greater alignment of the major economic powers is needed around a collective effort to improve security of supply for decarbonisation goods.
How should the EU manage its dependence on China for clean tech?
The most far-reaching ramification of recent events is the inexorable advance of a world splitting into two poles.
China’s silence towards the European Union’s electric vehicle probe could mean that a more harmful retaliation is on its way
Our analysis reveals that ageing accounts for only about 1 percentage point of the GDP growth rate deceleration over the past decade.
Invitation-only event organised in the frame of the China Horizons project
How China responds to Italy’s exit from the BRI may influence other members who are contemplating a similar move.
A symphony in progress: shaping a new agenda for Europe
Following a boom, China's electric vehicle industry now faces weak domestic demand and heightened geopolitical risk
The story of China's EV industry.
China’s property sector is plunging further into a crisis that could have major ramifications on the country’s real economy and financial sector.
The main reason for the relatively poor second quarter is lackluster domestic demand.
Companies diversifying their production away from the People's Republic of China might be a rather rational decision based on an economic rationale.
We identify three potential bottlenecks that might be hindering the translation of China’s innovation efforts into productivity growth.
Event in the frame of the project China Horizons - Dealing with a resurgent China (DWARC)*.
This paper discusses China’s growth for the next two decades, identifying the main challenges and factors that could mitigate its deceleration.
US Congress hearing on "Europe, the United States, and Relations with China: Convergence or Divergence?"
Quick rebound expected after the relaxation of zero-Covid policies has not materialised.
Once the process of building alliances starts, it is hard to stop.
Closed-door event discussed the importance of rapid aging for the future of the Chinese economy and dwelling on China’s major innovation trends
Speculation has been triggered about new alliances emerging in the Global South, inspired by China and India's voting behaviour.
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.
Lula cannot show strategic autonomy by parroting Xi Jinping
The Brazilian president is seeking Beijing’s support for his quest for middle power prowess
China is taking a more nuanced approach to the overarching goal of GDP growth.
Emmanuel Macron and Ursula von der Leyen are petitioning Xi Jinping on Ukraine and other pressing issues
This chapter reviews Bruegel's experience and role in policy formation during the Covid-19 pandemic.
Among several institutional changes, the most significant might be the creation of a new nationwide regulator to oversee China’s financial industry.
China's modest 2023 growth target provides more evidence of a focus on sustainable growth and jobs.
Closed-door event discussing China's BRI project.
Southeast Asian economies, as well as India, are expected to decelerate, which will blur the positive impact of China’s reopening.
Any convergence with the U.S. economy will not continue for long.
Demonstrations show how the country is struggling to deal with Covid and an easing of lockdowns.
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.
What risks does China's rise pose to the security of the international financial architecture?
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.
The Annual Meetings are Bruegel's flagship event which gathers high-level speakers to discuss the economic topics that affect Europe and the world.
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.
China's BRI is undergoing a transformation after two years of pandemic. How is it changing and what are the consequences for Europe.
The US now sees Asia more through an economic lens, while China shifts toward a security focus
A look into the Chinese private sector.
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.
A special episode of the Sound of Economics Live on China-Russia relations in the context of the Russian invasion of Ukraine.
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.
How does the EU's Global Gateway plan compare to China's Belt and Road initiative?
It does not look like the new year is going to be calmer than 2021.
What can China do to stop the deceleration of its economy. Is innovation the solution?
Chapter from 'Storms Ahead: the Future Geoeconomic world order' on the expectations from the next five years of Chinese economic policy, published on
Session at the 1st ASIA-EUROPE ECONOMIC AND BUSINESS FORUM: Transitioning to a New Normal: Leveraging Global Value Chains, Multilateralism and the 4IR
There is an urgent need for GVCs to become more resilient and inclusive, and meet the net-zero challenge.
Per microchips ad strategic autonomy.
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.