Li was born in Nanhai County, Guangdong Province in 1898. Li's courtesy name was Yaosheng (曜生, also spelled Usang).
Li was a counselor for the Minister of Finance of the Republic of China, and the Vice-minister of the Ministry of Railway of ROC. October 1927, Li was pointed the Vice-governor of the National Central Bank of ROC.
After 1949, Li was a professor and the last President of Hangchow University (a predecessor of Zhejiang University).