Chinese leaders promise more economic support after slowdown

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Chinese leaders have promised tax cuts and support for entrepreneurs to shore up slumping economic growth as the country grapples with a wave of bankruptcies and defaults among real estate developers caused by a campaign to rein in surging debt. A statement issued after a planning meeting led by President Xi Jinping calls for “maintaining stability,” reflecting anxiety about rising risks after economic growth sagged to an unexpectedly low 4.9% over a year earlier in the quarter ending in September. The ruling Communist Party is trying to keep the world’s second-largest economy on track while forcing real estate developers and other companies to cut debt it worries is dangerously high.