Peng Wensheng

New CICC Chief Economist’s debut of macro report

On October 11, 2010, Peng Wensheng, who just took the Chief Economist of China International Capital Corporation Limited (CICC), published the first macroeconomic report after taking his duty. The report increased the expected economic growth rate of China in 2010 from 9.5% to 10% and the one in 2011 from 8.8% to 9.3%.

In this report, Peng pointed out that the month-on-month economic growth rate dropped to bottom in the third quarter of this year, which was mainly due to the tiny changes to economic policies from July, including government’s relaxed control over infrastructure investment and so on.

Meanwhile, it was mentioned in this report that China’s CPI inflation will reach the peak of 3.6% to 3.8% in September and October. It will fall back to 3% at the end of this year, maintaining the year’s average level at 3%.

Early in middle August, there was news about Peng Wensheng’s replacing Ha Jiming to be the Chief Economist of CICC. According to the report, Peng Wensheng, then in charge of the research in China at Barclays Capital, proposed his resignation in August. Former CICC’s chief economist Ha Jiming is said to be recruited by Goldman Sachs as the managing director of its investment bank.

Peng Wensheng got his bachelor degree in economics from Nankai University, master degree in monetary finance and PhD in economics from UK-based University of Birmingham.