Like Xi, Wang will also not have any tenure as China's rubber-stamp parliament National People's Congress (NPC) on March 11 amended the constitution removing the two-term limit for the president and vice President.
From India's perspective for the new line-up of officials, China's Foreign Minister Wang Yi was widely expected to be elevated to be State Councillor which makes him the top diplomat of the country.The elevation will entail him to become China's Special Representative for India-China boundary talks.
"He is a really important political adviser", Kerry Brown, the director of the Lau China Institute at King's College London, told the AFP news agency. He helped set up China's first investment bank with Morgan Stanley in the 1990s and also established enduring ties with prominent Wall Street figures such as Hank Paulson.
The post is now held by Yang Jiechi who has been elevated to the politburo, the top policy body of the ruling Communist Party of China, (CPC). The appointment of Mr. Wang, who is about five years older than Mr. Xi, allows the president to avoid placing a younger official-and potential competitor-in a post that leaders-in-waiting have held in the past. Over the last five years, the Commission had punished 1.5 million officials, ranging in status from low-level cadres to regional leaders and generals.
Many were opponents of his "boss", President Xi.
Xi is keeping Wang by his side because of his "talent and ability", according to Hua Po, an independent Chinese political commentator.
Still, Wang's brief to tackle economic issues with the U.S. is looking more complex with each set of trade figures. He stepped down a year ago.
The Trump administration has already placed tariffs on solar panels and washing machines, is set to impose them on steel and aluminum and is putting together a package of tariffs on at least an annual $30 billion of Chinese imports.
Term limits on the presidency and vice-presidency were also removed, and the Communist Party's leadership role was spelled out - making it unconstitutional to challenge one-party rule.
Just minutes after Saturday's vote by the National People's Congress, the Party's mouthpiece, the People's Daily, proclaimed him as China's "great helmsman" in a smartphone alert.
"Xi will be chairman of everything", said Ether Yin, a partner at advisory firm Trivium China in Beijing. "He has effectively put himself at the center of the whole country".