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enodo economics
Understand China, understand the world.
Enodo Economics is an independent macroeconomic and political forecasting company that focuses on China – one of the most misunderstood economies in the world, but one of the most important to figure out.
We untangle complexity, challenge the consensus, and make sense of the future to present clear conclusions to guide your investment, business and policy decisions.
Enodo Economics was founded by Diana Choyleva, a globally respected economist and analyst, who has been forecasting developments in China and beyond since 2000.


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Our team has over 215 years of combined experience, covering China’s economy and politics.
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The firms we advise manage a total of more than 10 trillion dollars.
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We helped raise £260,704 for Cardboard Citizens, a London charity making life-changing theatre, with and for homeless people for more than 25 years.


Diana Choyleva

Chief Economist

Diana is recognised as one of the foremost experts on the Chinese economy. As Mervyn King, governor of the Bank of England from 2003-2013, said of her, “It is increasingly rare to find an economist who eschews the conventional wisdom and is prepared to think for herself. In today’s uncertain world it is a priceless quality. Diana Choyleva is such a person.”

In her words, Diana says: “To understand the Chinese economy you have to understand the communist mind, and I have the unlikely advantage of having grown up in Bulgaria before the Berlin Wall came down. But, having been trained by some of the greatest Western economists, I also understand how the market economy works. I am one of the few economists who really knows capitalism, communism and how the two have come together in China.”


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Seamus Keaveney

Chief Executive Officer

Seamus knows what matters to the end users of economic analysis and insight. He is the voice of the customer at Enodo. It is down to him that our clients acclaim our technology platform and the way we make our economic intelligence available. “Enodo has the best platform to present and deliver its analysis. This is how the research of the 21st century should look,” says Henry Maxey, CIO, Ruffer.

In his words, Seamus says: “In a world of information overload, I understand that concise and clear content, delivery platform innovation and client relationships are imperative. As you would expect, these are the areas where Enodo Economics strives for excellence.”


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Nigel Inkster

Geopolitical and Intelligence Analysis

Nigel has had a long career as a security and intelligence expert. Understanding China is not just about China in isolation. To understand China, you have to be able to read its long-term strategic intentions, especially at this time of tectonic political change. As James Mulvenon at SOS International LLC says, “Nigel Inkster fuses impressive academic learning with decades of experience as a senior intelligence professional.”

In his words, Nigel says: “I have followed China's development from the Cultural Revolution to the present day and have sought to analyse this within both the context of China's history and culture and the contemporary global strategic context. I regularly read, listen to and watch Chinese-language media and seek to combine what I learn from this with my own first-hand experience.”


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TL Tsim

Political Analysis

TL Tsim has studied China’s political scene since the 1970s. Immersed in the ever-changing complexities of Chinese politics and culture, he ensures that Enodo’s analysis stays grounded in the realities of a country where economics and politics are connected in a way alien to most Western commentators.

In his words, TL Tsim says: "When I analyse the politics of China, I am always mindful of the country's dynastic history and the behaviour of its people. At the heart of it is a civilisation which has survived intact for 5,000 years and a culture which is shared by 1.3 billion people over 9.6 million square kilometres. Chinese people respond quickly to material incentives, but do not take so readily to political change. The Chinese culture is very unyielding. I believe you will not understand Chinese politics without coming to grips with Chinese culture."


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Fraser Howie

Financial Markets Analysis

Fraser has worked in China’s financial markets as a practitioner and a researcher since the 1990s, giving him a rigorous understanding of the markets that is unrivalled. The book he co-authored with Carl Walters, Red Capitalism: The Fragile Financial Foundation of China’s Extraordinary Rise, was named by The Economist as one of its books of the year in 2011. The weekly said: “Two bankers with years of experience in China shine an unprecedented light on the remarkable 32-year effort to build the country's financial system—on its vices, virtues and many conflicts of interest.”

In his words, Fraser says: “Never accepting anything at face value is key to understanding China. With decades of direct investment experience coupled with in-depth research I have perhaps a unique perspective which allows a better handle on Chinese capital markets than most other observers."


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Dinny McMahon

Banking and Financial Markets Analysis

Dinny spent a decade working as a financial journalist in Beijing and Shanghai. As the Wall Street Journal’s finance correspondent, he tracked closely the evolution of China’s shadow banking system and the rapid expansion in corporate debt that followed the Global Financial Crisis. Dinny is also the author of China’s Great Wall of Debt: Shadow Banking, Ghost Cities, Massive Loans, and the End of Chinese Miracle, which The Economist said "comes closer than any previous writer to covering the Chinese economy as Michael Lewis, the hugely popular author of The Big Short, might do."

In his words, Dinny says, “China’s financial system needs to be understood from the bottom up. Top-down policy is invariably implemented by firms and lower level bureaucrats in ways shaped by their own interests, incentives, and priorities, and not the interest of the leaders in Beijing. When trying to understand changes in China’s financial system I start by asking myself the question, “what aren’t I seeing.”


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Calum MacLeod

China News That Matters

Beijing-based for over two decades, Calum has got to grips with multiple aspects of China’s remarkable transformation. A fluent Mandarin speaker, and former China correspondent for The Times, he’s reported from every province - and helped build factories in some as an investment consultant for British firms. Calum is the co-author of ‘China Remembers’, an oral history containing “some of the most honest, varied and compelling accounts of the country ever compiled”.

In his words, “Covering China is an often frustrating but endlessly fascinating occupation. Long rich in contradictions, the PRC is run by a regime both stronger and yet more fearful than I’ve ever known it. Rejoice that it’s also home to personalities big enough to sprinkle optimism however bleak the outlook.”


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Julie Zhu

Research Analyst

Julie is a research analyst at Enodo Economics, supporting Chief Economist Diana Choyleva in her macroeconomic analysis of China.


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Xiulei Song

Research Analyst

Xiulei is a part-time research analyst at Enodo Economics based in Shanghai providing on-the-ground economic research.


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Daniel Kasabov

Research Analyst

Daniel is a part-time research analyst at Enodo Economics, focusing on data modelling, analytics and forecasting.


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James Bracken

Sales Director

James joined Enodo Economics in February 2018. He is responsible for executing our global sales strategy and ensuring our existing clients are served to the highest of standards.

In his words: "I enjoy engaging with investors and learning what aspects of China are most critical to their investment outlook. I love to apply our expertise to help clients avoid risk and spot emerging opportunities".


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Salma Abou Zaki

Senior Project and Client Manager

Salma joined Enodo Economics in June 2019. Salma manages relationships with a number of our key clients and she is also responsible for executing a variety of business development projects.

In her words: "I strive to learn and understand our clients’ business and any China issues they are currently grappling with. I am keen to ensure that they are kept up-to-date on China themes that are critical to their investment/business planning and decision making".


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