CICC Chief Economist Retires, Successor Named; H1 Net Profit Seen Up 78%-90%

China International Capital Corporation (CICC) has changed its chief economist. Peng Wensheng has retired upon reaching the age limit, and Miao Yanliang, previously a managing director and chief strategist at CICC, has taken over the role.

Peng worked at the International Monetary Fund (IMF) from 1993 to 1998 as an economist in the Asia and Pacific Department. From 1998 to 2008, he served at the Hong Kong Monetary Authority, heading the Economic Research Division and later the Mainland China Affairs Office. In 2008, he joined Barclays Capital, where he led research on China's macroeconomy and financial markets. He became CICC's chief economist in 2010, left in 2014 to join CITIC Securities as head of global research and global chief economist, and moved to Everbright Securities in 2016 as global chief economist and head of the research institute. He returned to CICC in 2020 as head of research and chief economist.

On July 19, Peng, in his capacity as CICC's chief economist, head of research, and president of the CICC Research Institute, attended an investment and financing forum hosted by CICC at the 2026 World Artificial Intelligence Conference. He moderated a high-level dialogue with futurist Kevin Kelly, raising questions on topics including high capital expenditure for large models, token costs, the sustainability of open-source models, AI centralization trends, data privacy, job displacement, and income distribution. He also compared the business models and network effects of AI and the internet.

Miao Yanliang joined CICC in 2023, and in June 2025 his practice registration category was changed to securities investment consulting analyst. He is now a senior managing director and chief economist at CICC. He previously worked at the State Administration of Foreign Exchange (SAFE) for ten years, serving as chief economist of the Central Foreign Exchange Business Center since 2018, and earlier as senior advisor to the SAFE administrator and head of research at the center. Before returning to China in 2013, Miao was an economist at the IMF, where he participated in European debt crisis rescue efforts. Prior to joining the IMF in 2008, he was a visiting scholar and special assistant to the governor at the Bank of Israel, researching monetary policy and central bank institutional design. Miao also serves as an adjunct professor at Peking University's National School of Development, doctoral supervisor at the People's Bank of China's Financial Research Institute and Tsinghua University's PBC School of Finance, policy expert for the Ministry of Finance, member of the China Finance 40 Forum, and a trustee of Shanghai University.

CICC was founded in 1995, listed on the Hong Kong Stock Exchange in 2015, completed a strategic restructuring with former China Jianyin Investment Securities in 2017, and listed on the Shanghai Stock Exchange in 2020. In November 2025, CICC, Dongxing Securities, and Cinda Securities announced trading halts to plan a share-for-share absorption merger, under which CICC would issue A-shares to all A-share shareholders of Dongxing and Cinda in exchange for their shares. As of the close on July 27, CICC's A-shares traded at RMB 35.96 per share, and its H-shares at HK$ 22.10 per share.