Li was nominated on behalf of Chinese President Xi Jinping, who earlier on Saturday was re-elected for a second term. The secret ballot for the Premier's candidature was held on Sunday morning at the 6th plenary meeting of the first session of the 13th National People's Congress.
Li Keqiang was first confirmed as Chinese Premier in March 2013 — at the 12th session of the National People's Congress. According to Chinese Constitution, the premier heads the government for no more than two five-year terms.
The Chinese authorities have also promised to gradually open the market of electronic payment prepossessing for foreign investments, and to remove restrictions or simplify the participation of foreigners in banking, securities and fund management.
Li Keqiang has earlier also specified the key goals for the country's development in 2018 that included increasing of its military budget, reducing the production of steel and coal as well as maintaining stability of the national currency.
In addition, the deputies of the National People's Congress elected on Sunday the Communist Party's Politburo member Yang Xiaodu to chair the country's new anti-corruption body, the National Supervision Commission.
A week earlier, on March 11, NPC members approved the amendments to the country's constitution, which provides for the creation of a new anti-corruption body. As of now, the Central Commission for Discipline Inspection (CCDI) is the top anti-corruption body in China, but it is a party body, rather than a state body.
Yang Xiaodu, born in 1953, is a native of Shanghai. In 1970, he joined the Communist Party. He was the Minister of Supervision and head of CCDI from 2016. Yang is also the head of the Secretariat of the Chinese Communist Party's Central Committee (Politburo).