PURPOSE: To facilitate the formation of a carboxyl-terminated polycarbonate resin suitable as, e.g., a resin modifier, by using a specified aromatic compound as an MW modifier in the production of a polycarbonate by a solution process.

CONSTITUTION: An aromatic compound having both hydroxyl and carboxyl groups of the formula (wherein X1 is F, Cl, Br, a 1W4C alkyl, or an alkyloxy, n is 0W4 and R is a direct bond, a 1W8C alkylene or vinylene), e.g., o- hydroxybenzoic acid or hydroxyphenylacetic acid, is prepared. A carboxyl- terminated polycarbonate resin is obtained by reacting a bisphenol compound [e.g., 2,2-bis(4-hydroxyphenyl)propane] with phosgene by a solution process by using an aromatic compound of the formula as an MW modifier.