As a youngster Li was quickly picked up by the Chinese under-23 football team and with them he was allowed to take part in the Chinese football league pyramid where they called themselves China B. He would actually see them win the Chinese league title in the 1989 league season before he had to return to his parent club Liaoning. Upon his return to Liaoning it would coincide with full professionalism and this would seem to bring out the best from him when he went on to personally win the 1994 Chinese Football Association Footballer of the Year award. This would see him as one of the most sought after players within China and big money move to top tier side Guangdong Hongyuan F.C. where he was brought in to help with them with their title push, however while they were close they only finished 4th in the 1995 league season. Unable to improve upon their performances the following season when they finished a disappointing 7th, Li Bing would be sold to Sichuan Guancheng. With them he was able to find a team capable to consistently fighting for the league title, however the best they were able to achieve was 3rd position in the 1999 league season.
Li Bing would guide Chengdu Blades F.C. to promotion to the Chinese Super League after coming in during the 2007 league season, where he guided them to second in the league in the second tier. While he led Chengdu to relative safety throughout the 2008 league season, he led them to a terrible start in 2009 and resigned only six games into the season.