CICC Chief Economist Peng Wensheng Retires, Miao Yanliang Takes Over

CICC chief economist, head of research and CICC Research Institute president Peng Wensheng has retired upon reaching retirement age, and managing director and former chief strategist Miao Yanliang has officially succeeded him, according to Jiemian News. Peng had previously returned to CICC in June 2020 and last appeared as chief economist at the 2026 World Artificial Intelligence Conference investment and financing forum on July 19.

In a research note published before his retirement, Peng said China's economy is showing clear divergence, with supply-side innovation and technological progress remaining solid while demand, prices and employment still face notable downward pressure. He argued that artificial intelligence and the green transition are the two main forces shaping supply-side growth potential, while geopolitical competition is the key variable for external demand. Peng said boosting domestic demand requires stronger coordination between fiscal and monetary policy, steady debt restructuring, and higher public spending on childbirth, childcare and education, alongside better social security and higher pension protection for rural elderly people.

Miao, who joined CICC in 2023 as chief strategist, previously worked for China's State Administration of Foreign Exchange and the Central Foreign Exchange Business Center, and earlier served at the IMF and the Bank of Israel. CICC's chief economist post has long been regarded as a benchmark role in China's securities industry, with the bank's roster including Wu Jinglian, Xu Xiaonian, Ha Jiming, Liang Hong and Peng.