Li Keqiang named China's new premier

China's parliament installed bureaucrat Li Keqiang as premier on Friday, putting him in charge of running the world's second-largest economy in one of the final steps of a landmark power transition. Li, who is expected to be in office for a decade, faces the challenge of steering the country towards more balanced development, with domestic consumption by a larger middle class playing a greater role. "I announce that comrade Li Keqiang has been chosen as premier of the People's Republic of China," said Yan Junqi, a vice-chairwoman of the National People's Congress (NPC), China's rubberstamp parliament. To applause from delegates in the Great Hall of the People in Beijing, Li stood up, bowed and shook hands with Xi Jinping, who was formally appointed as China's new president Thursday, and his predecessor as premier Wen Jiabao. Li received 2,940 votes out of 2,949 cast, with three votes against and six abstentions. Like Xi's election the day before, the result had never been in doubt. Li, Xi and other top leaders took charge of the Communist party, where real power lies, four months ago, and their stage-managed selection to the top government posts during this week's NPC formalises their authority.