China's third-term President Xi Jinping on Saturday, during the ongoing annual meeting of China's parliament, appointed his close ally and confidant Li Qiang to the post of premier. The role, as per Reuters, is charged with managing the nation's economy. 63-year-old Li Qiang is a close ally of the ‘supreme leader’ Xi Jinping and even served as his chief of staff between 2004 and 2007.