BEIJING (Reuters) - China's legislature elected Li Keqiang as premier on Friday, installing an English-speaking bureaucrat as the man to lead the world's second-largest economy and combat pressing woes like a frothy housing market and an over-reliance on investment.

The largely rubber-stamp National People's Congress, as expected, chose premier designate Li, 57, to replace Wen Jiabao.

Nearly 3,000 delegates gathered in Beijing's cavernous Great Hall of the People to vote on Li's appointment, putting the final stamp of approval on a generational transition of power.

Xi Jinping was elected president by the legislature on Thursday.

(Reporting by Sui-Lee Wee; editing by Jonathan Standing)