China appoints Li Keqiang as new Premier

China’s Communist Party on Friday moved towards concluding its leadership transition with the expected appointment of second-ranked Politburo Standing Committee member Li Keqiang as the country’s next Premier.

Mr. Li (57), who was anointed as the successor of outgoing Premier Wen Jiabao five years ago, will take over the reins of the world’s second-largest economy as the head of the State Council, or Cabinet, which sets economic policies.

The new Premier is seen in China as the protégé of former President Hu Jintao, who stepped down on Thursday. The new CPC General Secretary Xi Jinping, appointed as the head of the party and military last year, was formally selected as Mr. Hu's replacement on Thursday by the National People’s Congress (NPC), or Parliament. Mr. Li rose through party ranks in the Communist Youth League, where Mr. Hu has his power base.