Li, who served as China's premier from March 2013 to March 2023, had a heart attack on Thursday and died at 12:10 a.m. (16:10 GMT) the next day in Shanghai despite "all-out efforts to rescue him failed," media said.
The former official was considered China's top economic official for a decade and known for being an advocate for private businesses. China's number two leader for years, Li was also seen as a reformist who looked to open China to global markets as well as removing restrictions on the flow of people and supplies.
Li was tipped to become the next leader of China in early 2007; however, the top-spot ultimately was clinched by Chinese President Xi Jinping. Under Xi's leadership, Li became a force for establishing the parameters in which to measured China's development.
Chinese Premier Li Keqiang delivers the work report during the opening session of the National People's Congress at the Great Hall of the People in Beijing, Thursday, March 5, 2015
© AP Photo / Ng Han Guan
Born in July 1955 in the Anhui province, Li studied both law and economics at China's Peking University before later receiving a Doctor of Economics. Entering China's political sphere, Li quickly worked his way up the party ladder.
In fact, Li took up various positions throughout his career, which included acting as the governor of the Henan province, chairman of the Standing Committee of the Liaoning Provincial People's Congress and vice premier from 2008 to 2013.
Li is survived by his wife Cheng Hong and daughter.