Liu, the world record holder and third at the last edition in Shanghai two years ago, clocked a time of two minutes 04.59 seconds.
Spain's Mireia Belmote Garcia, Olympic silver medallist in London last year, and roared on by the home crowd at the Palau Sant Jordi, claimed silver in 2:04.78 and Katinka Hosszu of Hungary bronze in 2:05.59.
(Reporting by Iain Rogers; Editing by John Mehaffey)
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