Chinese leaders have promised to cut costs for businesses to promote economic growth next year, reduce financial risks and eliminate excessive production capacity that is a drag on some industries.

In a statement issued following an annual planning meeting, Communist Party leaders also promised Monday to reduce debt levels that have prompted concern about possible threats to China's financial system.

The statement said the ruling party will "resolve excess capacity" in some industries that has led to price-cutting wars and financial problems and "reduce the burden on enterprises."

Chinese leaders are in the midst of a marathon effort to overhaul the state-dominated economy and are trying to reverse an unexpectedly sharp downturn in growth.