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Carol Liao

China Economist

Ms. Liao is a senior vice president and China economist based in the Hong Kong office. She is responsible for crafting the firm’s outlook for the Chinese economy and monetary policy, and identifying key regional macro risks and investment trends. Prior to joining PIMCO in 2020, she was the senior China economist at J.P. Morgan for three years. Previously, she served as the China economist at the International Monetary Fund from 2013–2016, where she helped formulate the IMF’s view on China macroeconomics and policies. Earlier in her career, she worked for the Hong Kong Monetary Authority. She has 14 years of investment and financial services experience and holds a Ph.D. in economics from New York University.
Carol Liao

Latest Insights

China’s Reopening, Trade Tensions Create Opportunities Within Emerging Markets
18 April 2023
EM as a whole stands to potentially benefit from China’s post-pandemic economic reopening, with differentiation among individual countries as global trade allegiances shift.
5 Key Takeaways from China’s 14th National People’s Congress
17 March 2023
China’s central government puts high-quality growth as top priority, along with continued support for business and opening-up.
Asia Market Outlook 2023: Regional Resilience Amid Strained Global Markets
08 February 2023
As the COVID-19 recovery continues, we expect Asia’s growth-inflation dynamics to diverge from the rest of the world, led by China’s long-awaited economic reopening.
China Steps Up Property Support: Is This the Turning Point for the Struggling Sector?
05 December 2022
China’s introduction of comprehensive support for its real estate sector could provide some cyclical relief amidst longer-term headwinds, but new COVID-19 waves cloud the outlook.
Continuity and Concrete Direction: Takeaways From China’s 20th Party Congress
03 November 2022
Stability, security and self-reliance were overarching themes from China’s twice-a-decade leadership reshuffle. With few details disclosed on near-term supporting policies, we remain cautious on the Chinese market.
Trading Geopolitics: The Long View on Growing U.S.-China Tensions
01 September 2022
Economic and financial ties between the world's two biggest economies are increasingly fraying. We discuss the long-term outlook and implications for investors.
What China’s Recovering Supply Chain Means for Global Inflation
26 July 2022
Renewed growth in China’s manufacturing activity, coupled with softening developed market demand, should ease some supply-side pressures – but several other inflation risks remain prevalent.
China Growth Outlook: Counting the Cost of Lockdowns
13 April 2022
While Beijing has set an ambitious growth target this year with a generous fiscal stimulus plan, new COVID-19 waves are adding to mounting headwinds amid a slowing global economy.
Asia Market Outlook 2022: Diversified Opportunities Amid Volatility
27 January 2022
Active management appears especially important during this fast-moving cycle when dislocations are likely and capturing resulting opportunities can be key to producing alpha.
Down, Not Out: 5 Things to Know About China's Power Crunch
11 November 2021
While the recent energy crisis has disrupted China’s economy, we do not expect a significant drag on growth.
What China’s Odyssey Towards “Common Prosperity” Means for Portfolios
06 October 2021
China’s regulatory crackdown focuses on specific sectors. Market volatility will likely be temporary, and long-run prospects for active investors remain robust.
China’s Decarbonization Goal Won’t Dent its Appetite for Commodities Any Time Soon
27 July 2021
China expected to boost demand for some commodities as it transitions to a carbon-neutral economy.
Supply Bottlenecks Likely to Ease by the End of the Year
08 July 2021
The supply-demand imbalance should ease as spending on services outpaces demand for consumer goods in developed markets.
China’s Anti-Trust Campaign: Impact on Growth Should Be Limited
18 May 2021
Pro-competition policies aim to foster healthy development in the tech industry.
Implications of China’s Credit Curtail
05 March 2021
China’s economy should see a soft landing as stimulus is reduced, but the drag on global growth may place a burden on developed economies to keep stimulus taps open for longer.
Asia Market Outlook 2021: Attractive Opportunities As Economies Rebound
27 January 2021
We are constructive on the macroeconomic picture in Asia as the global economy gradually recovers.