The Chief Economist of China International Capital Corporation (CICC), Peng Wensheng, has retired upon reaching the statutory age limit, as learned from market sources on July 28. He will be succeeded by Miao Yanliang, CICC’s current Managing Director and Chief Strategist.

According to public records, Peng Wensheng began his career at the International Monetary Fund (IMF) and the Hong Kong Monetary Authority before joining Barclays Capital as its Chief China Economist. In October 2010, he first served as CICC’s Chief Economist, leaving in 2014 to work at CITIC Securities and Everbright Securities. He returned to CICC in June 2020 to lead the research department and resume the role of Chief Economist.

Regarding his successor, Miao Yanliang has long been engaged at the forefront of policy and markets, accumulating deep research and practical experience in macroeconomics, financial markets, and central banking. Prior to joining CICC in 2023, Miao served for a decade at the State Administration of Foreign Exchange (SAFE), including as Chief Economist of the Central Foreign Exchange Business Center from 2018. He previously held positions as Senior Advisor to the SAFE Administrator and Head of Research at the Central Foreign Exchange Business Center.

It is worth noting that since 2025, there has been a wave of intense turnover among chief economists at securities firms, with more than ten institutions experiencing changes in this role throughout the year. This trend has persisted into 2026, with prominent chief economists such as Li Kang of Xiangcai Securities and Shen Minggao of GF Securities also retiring upon reaching the age limit.

Looking at a longer timeframe, over the past five years, industry veterans including Li Daxiao of Yingda Securities, Liu Feng of Galaxy Securities, and Zhu Jianfang of CITIC Securities have also bid farewell to the sell-side research stage. Meanwhile, several senior chief economists born in the 1960s are approaching the retirement threshold. For instance, Li Xunlei of Zhongtai Securities and Yang Chengzhang of Shenwan Hongyuan, both born in 1963, are drawing significant market attention regarding their succession plans.