Li Keqiang Named China's New PM

China's leaders have named Li Keqiang Prime Minister, placing him at the helm of the world's second-largest economy.

Li, who already holds the number two spot in the Communist Party, takes over from Wen Jiabao.

China's new Prime Minister was elected for a five-year term. However, he would be expected to spend a decade in office like his predecessor, according to the BBC.

General Secretary of the Central Committee of the Communist Party of China Xi Jinping was elected Chinese President Thursday morning at the session of the 12th National People's Congress.

Xi, appointed to the Communist Party's top post in November, replaced Hu Jintao.