China's top leaders have pledged to loosen monetary policy and provide more support for the slowing economy.

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.”.

Asian shares are higher even though the latest data showed China's economy is weaker than expected.

Shares are mixed in Asia after China reported that its economy expanded at an 8.1% annual pace in 2021, though growth slowed to half that level in the last quarter.

China’s economic growth surged to 18.3% over a year earlier in the first quarter of 2021 but an explosive rebound in factory and consumer activity following the coronavirus pandemic was leveling off.

Chinas shaky economic recovery from the coronavirus pandemic is gaining strength as consumers return to shopping malls and auto dealerships while the United States and Europe endure painful contractions. (AP Photo/Andy Wong)BEIJING – China’s shaky economic recovery from the coronavirus pandemic is gaining strength as consumers return to shopping malls and auto dealerships while the United States and Europe endure painful contractions. China is the only major economy that is expected to grow this year while activity in the United States, Europe and Japan shrinks. The recovery is “broadening out and becoming less reliant” on government stimulus, Julian Evans-Pritchard of Capital Economics said in a report. “China’s recovery in private consumption is gathering momentum,” said Stephen Innes of AxiCorp in a report.