News Summary: China promises market reforms

Monday - 12/17/2012, 12:29pm EST

By The Associated Press

(AP) - ECONOMIC AID: China's new Communist Party leaders are promising reforms aimed at reducing reliance on exports and more spending if needed to prop up a shaky economic recovery.

IN LINE: The new party leaders pledged continuity with long-term plans aimed at nurturing self-sustaining growth and raising incomes. There was no indication of plans for major changes or new stimulus.

THE BACKGROUND: The new party general secretary, Xi Jinping, and other leaders are under pressure to overhaul an economic model based on exports and investment that delivered three decades of rapid growth but is now running out of steam.

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