Li has an academic background in economics and is therefore a firm believer in the use of robust economic data to aid in government decision making.
He is known to study economic statistics and routinely questions the reliability of the data he works with.
Li has been described by international media as the pioneer behind the so-called "Keqiang index", an unconventional economic measurement indicator devised by Li that was said to bypass the often unreliable official GDP numbers and thus serves as a better indicator of economic health and a more useful barometer for decision-making.
Instead of gathering data on total economic output alone, Li used three other indicators to keep tabs on the economy while working in Liaoning province.
These were, the railway cargo volume, electricity consumption and total loans disbursed by banks.

When Li initially entered office, China was facing numerous structural problems inherited from the previous administration.
Namely, the large abundance of non-performing loans, that many of the giant infrastructure projects the country embarked on since the global financial crisis was overloaded with crushing debt and lower than expected revenues, and the increasingly large wealth gap.
Under these circumstances, Li was said to have responded with what became known as "Likonomics", a term coined by economists at the investment bank Barclays Capital.
Likonomics consisted of a three-prong approach that included the across-the-board reduction of debt, an end to massive stimulus practices of the Wen Jiabao government, and structural reforms.
However, by 2014, global economic pressures and a decrease in demand of Chinese exports led to lower than expected economic growth rates.
Year-on-year GDP growth amounted to less than 7.5% for the first time since 1989.
Li's government then responded with tax cuts for small businesses, renovation projects of poor urban areas, and another round of rail construction, particularly focused on the country's interior.

After the announcement of comprehensive reforms at the Third Plenum in 2013, Li became a leading figure of the government's reform implementation efforts.
The Third Plenum called for market forces to play a "decisive" role in the allocation of resources, ostensibly looking to decrease government regulation on the free market.
In early 2014, Li said that local governments were still ineffective at following the central government's reform directives, and that some governments meddle in affairs they shouldn't be involved in, and some don't pay attention to things they should be doing.
Li emphasized that the success of reforms came down to "execution and implementation," and criticized local governments for failing to act in support of reforms.
Li has an academic background in economics and is therefore a firm believer in the use of robust economic data to aid in government decision making. He is known to study economic statistics and routinely questions the reliability of the data he works with. Li has been described by international media as the pioneer behind the so-called "Keqiang index", an unconventional economic measurement indicator devised by Li that was said to bypass the often unreliable official GDP numbers and thus serves as a better indicator of economic health and a more useful barometer for decision-making. Instead of gathering data on total economic output alone, Li used three other indicators to keep tabs on the economy while working in Liaoning province. These were, the railway cargo volume, electricity consumption and total loans disbursed by banks.
When Li initially entered office, China was facing numerous structural problems inherited from the previous administration. Namely, the large abundance of non-performing loans, that many of the giant infrastructure projects the country embarked on since the global financial crisis was overloaded with crushing debt and lower than expected revenues, and the increasingly large wealth gap. Under these circumstances, Li was said to have responded with what became known as "Likonomics", a term coined by economists at the investment bank Barclays Capital. Likonomics consisted of a three-prong approach that included the across-the-board reduction of debt, an end to massive stimulus practices of the Wen Jiabao government, and structural reforms. However, by 2014, global economic pressures and a decrease in demand of Chinese exports led to lower than expected economic growth rates. Year-on-year GDP growth amounted to less than 7.5% for the first time since 1989. Li's government then responded with tax cuts for small businesses, renovation projects of poor urban areas, and another round of rail construction, particularly focused on the country's interior.
After the announcement of comprehensive reforms at the Third Plenum in 2013, Li became a leading figure of the government's reform implementation efforts. The Third Plenum called for market forces to play a "decisive" role in the allocation of resources, ostensibly looking to decrease government regulation on the free market. In early 2014, Li said that local governments were still ineffective at following the central government's reform directives, and that some governments meddle in affairs they shouldn't be involved in, and some don't pay attention to things they should be doing. Li emphasized that the success of reforms came down to "execution and implementation," and criticized local governments for failing to act in support of reforms.
Li Keqiang