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During the 1950s and early 1960s Li was vice premier to the State Council and minister for finance and was inducted into the CCP Politburo and Secretariat in 1956 and 1958 respectively. He was elected to the Politburo's controlling Standing Commitee in 1977, where he was to remain until 1987, and he was state president in June 1983. As part of a general move to retire the CCP's ageing old guard, Li stepped down as president in April 1988 and became chairman of the Chinese People's Political Consultative Conference, a broad-based discussion forum. The father-in-law of Jiang Zemin, Li remained influential as a party elder until his death in 1992, establishing himself as a critic of destabil excessive liberalization.