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Le Xia

BBVA Research

Chief Economist

Dr. Le Xia is Chief Economist for Asia at BBVA Research. He joined BBVA in 2010.

He also serves as a research fellow in International Monetary Institute at Renmin University of China. Prior to joining BBVA Research, Dr. Xia worked for the Treasury Department of Bank of China (Hong Kong). The research fields of Dr. Xia include macroeconomics in Asia economies, financial development in the Asian region and the economic integration between China and other emerging markets.

He obtained his PhD from the University of Hong Kong and has a master degree from Renmin University of China.

Latest publications

China Economic Outlook. June 2025

10 June 2025

We raise the China GDP forecast based on the recent China-US Geneva Agreement and the 3nd round stimulus. We also analyze the recent economic development and the policy outlook.

China| An input-output table analysis on US’s “reciprocal” tariffs on Asian countries

6 May 2025

The report analyzes U.S. reciprocal tariffs on Asian countries, with Cambodia and Vietnam hit hardest. Dual dependency puts many Asian economies in a strategic dilemma between the US and China. Using input-output models, it presents three scenarios (risk, pragmatic, optimistic) showing varying GDP impacts.

China Banking Monitor 2025

22 April 2025

China’s banks face headwinds in 2025 amid weak credit growth, low profitability, and property sector stress. Narrowing interest margins and declining lending rates have pushed ROA and ROE to record lows. Real estate woes, LGFV debt, and US tariffs weigh heavily on the sector, while links to shadow banking grown modestly.