China's top leaders throw weight behind push to control debt

Beijing

CHINA'S top leaders said they will effectively control leverage next year and prevent major risks, stepping up their pledges to ensure stability amid rising debt.

Authorities will aim to give more support to the real economy and promote higher-quality and more efficient development, according to the official Xinhua News Agency, citing a statement late Friday after a Communist Party Politburo meeting led by President Xi Jinping.

Policy makers mapped out three major tasks, placing risk reduction as the top priority. "Leverage should be effectively controlled, the financial sector should better support the real economy, and progress should be made in reducing risks," the statement said. Poverty reduction and cutting pollution were listed as the other two missions. The Politburo also stressed social stability…