China’s top leaders vow to support consumers and improve confidence in its slowing economy

AP Business Writer

BANGKOK (AP) — China’s powerful Politburo has endorsed the ruling Communist Party’s strategy for growing the economy by encouraging more consumer spending and weeding out unproductive companies to promote “survival of the fittest.” A statement issued Tuesday after the meeting of the 24 highest leaders of the party warned that coming months would be tough, with high risks. It promised unspecified measures to restore confidence in financial markets and boost government spending. Its calls to look after low- and middle-income groups reflect the party’s pledges to build a stronger social safety net to enable families to spend more. But it provided no specifics on how it will do that.